Saudi investor ‘to bid’ for debt-hit West Ham
September 6th, 2009 - 2:27 pm ICT by ANILondon, Sep.6 (ANI): Ali al-Faraj, the Saudi property investor who recently failed in his attempts to buy Portsmouth, is believed to be considering a bid for the English football club West Ham United.
According to The Independent, Al-Farajis thought to have set his sights on the heavily indebted East End club.
It is not known if Peter Storrie, chief executive of Portsmouth and former managing director at West Ham who brought Al-Faraj into the bidding process at Pompey at the 11th hour, is involved in the approach.
Al-Fahim is giving his backing to Storrie.
“Peter is a capable chief executive and I do not doubt he has acted with the club’s best interest in mind,” he said.
West Ham lost 37.4 million pounds in 2008, following a blighted year off the pitch which saw the collapse of XL Leisure, their main sponsor.
The club’s latest accounts have yet to be filed but the situation is thought to have deteriorated during 2009.
It is believed that the Hammers have breached debt covenants laid down by creditor banks to the club, which in theory could have tipped them into administration. However, the banks have so far resisted triggering such a move. (ANI)
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Tags: 11th hour, al fahim, ali, attempts, best interest, chief executive, collapse, creditor banks, debt covenants, english football club, hammers, london, managing director, pitch, pompey, portsmouth, property investor, west ham united, xl
