West Ham to try something different
West Ham United are looking at a different method to stave off economic hardship during the Covid-19 crisis.
Unlike some of their Premier League rivals, all of West Ham’s employees currently remain on full pay.
However, the Hammers are looking to go down a different route to head off future financial problems: they are hoping to raise significant funds by selling shares in the club.
Hammers agree to sell shares
According to Wikipedia, David Sullivan is the majority shareholder at West Ham with 51.1%.
David Gold is the second biggest stakeholder at 35.1%.
Albert Smith holds 10% while other investors retain 3.8% of the stock.
The Guardian report that West Ham hope to raise 30 million pounds with their rights issue:
West Ham’s board plans to inject at least £30m into the club by launching a rights issue in response to the financial problems caused by the coronavirus pandemic.
(West Ham) have agreed to a rights issue, which is an invitation to existing shareholders to buy additional shares.
It is understood the process will take place in May.
— Jacob Steinberg (@JacobSteinberg) April 6, 2020
Will West Ham be successful?
That remains to be seen.
The Guardian note that if the existing shareholders decided against buying the new shares, the club are willing to look to outside investors.
What Mark Noble said on the Premier League wage cut call
On Sunday, players from all 20 Premier League clubs joined in on a phone conference with Premier League club executives to discuss how they should react to the Covid-19 crisis.
There have been plenty of calls for Premier League footballers to take wage cuts in these unprecedented times.
However, no agreement has yet been reached on wage cuts or deferrals.
— Neil Henderson (@hendopolis) April 5, 2020
In a small nugget of information, the Times today report that Mark Noble wasn’t afraid to clash with Karren Brady and David Moyes during that call:
This week chairmen and chief executives will hold individual discussions with the senior players who were part of an unprecedented tele-conference on Saturday between the Premier League, the PFA and up to three representatives from each club.
Mark Noble, the West Ham captain, apparently voiced concerns (on wage reductions, deferrals or a combination of both) in the tele-conference despite being aware that West Ham’s executive vice-chairwoman Baroness Brady and manager David Moyes were on the call.
This article was edited by Benjamin Newman.
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