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West Ham’s Takeover Is Well-Considered, Stable and Boring

For those not emotionally invested, the sale of a prominent Premier League club is chum in the water.  We want easily caricatured nutballs in charge, huge transfer budgets, grandiose schemes destined to fail and decimations of the club’s staff.  We want entertainment.

Given that context and the club’s unique penchant for disaster, West Ham’s sale was abominable, substandard and lamentable.  Given one word, it was boring.  Profoundly boring.

CB Holding, the original Icelandic creditors of Bjorgolfur Gudmundsson, took control of West Ham to keep it from going bankrupt and protect it’s investment.  The ownership stays Icelandic.  The only difference is the Straumur Burdaras bank rather than Landsbanki.

West Ham’s financial situation was perilous.  There was the bank crisis, debt and the Tevez settlement.  They easily could have entered into administration.  There would have been furor over a points deduction, possibly one that could have effected the relegation battle next year.  The club would have been offloading players, possibly replacing Zola with a manager who would accept it.  It would have been messy.  It would have been exciting.

Instead, the new Hammers’ ownership wants to protect and enhance its investment.  There will be no sales of the clubs best players, though sensible sales such as Dean Ashton and Matthew Upson are possible.

The reasonably successful managerial partnership of Zola and Clarke will remain intact.  The club will even have a sensible transfer budget, all with a sound financial backing.

CB Holding’s takeover is great for West Ham and their supporters.  It’s great for the Premier League, who benefit from a large, successfully run club in London.  It’s awful for those who have to write about it.

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8 Comments

8 Comments

  1. Capt Dan Reid

    January 4, 2010 at 8:55 pm

    The real truth was leaked this morning in Bæjarins Besta (Iceland)- West Ham are to be taken over by owner of the Dangote Group Aliko Dangote – who will bring six Nigerian Internationals into the Hammers squad following the African Cup of Nations – it is reported the big amounts to £200m

  2. CMG

    June 9, 2009 at 12:13 am

    This is West Ham. Something crazy is bond to happen at some point but I wish them luck. I have a soft spot for their crazy fans and “Bubbles”.

  3. Clacks

    June 8, 2009 at 2:15 pm

    No been a west ham supporter since the late 70`s. Tired of being fed the same rubbish.
    But you carry on being a naive sheep, hand over your season ticket money and bask in the moral glow of being a self sufficiant club being overtaken by sunderland and portsmouth. Just like you did when Brown sold the best batch of young talent ever seen .
    Do you pay cheap hookers to whip you with stinging nettles as well?

  4. Clacks

    June 8, 2009 at 10:50 am

    So this is a great success how exactly?
    We go from a skint chairman to a takeover by a skint investment bank.
    Brilliant. I`m filled with optimism.
    So this is the great `PROJECT`. We are to become the Crewe Alexandra of the premiership. The season ticket will surely flood in. We can all look foreword to a relegation battle courtesy of our Icelandic terry browns.
    ICELANDIC REPO MEN OUT

    • Wideboy

      June 8, 2009 at 11:02 am

      Clacks. Access to the internet at school at 10:50am eh?

  5. Blake

    June 8, 2009 at 10:14 am

    About time, really. We need some stable financial footing. Dan, there was a rumour about us flogging Ashton to Spurs for 5m plus Bent. I dunno about you, but I’d rather get 5m and Bent than have a player on wages he doesn’t earn whilst playing with Glass ankles.
    Now that Neill is off, I hope we make Upson and Parker our Capt. and Vice. Two fantastic players, and deserving of the job. Upson is not going anywhere. COME ON YOU IRONS! BRING CARLITOS BACK!

  6. Dan (West Ham Fan)

    June 8, 2009 at 10:06 am

    How would selling an injured Ashton be sensible? We won’t get nearly the value he is worth.

    Upson, while i want him to stay would make “financial” sense.

  7. Ethan Armstrong

    June 8, 2009 at 9:47 am

    “easily caricatured nutballs”:

    Great phrase. Wasn’t sure what direction you were headed in with the title, but this line made me chuckle and set a great tone.

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