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Offer of 50m pounds for West Ham set for rejection

West Ham's Icelandic owners are poised to reject David Gold and David Sullivan's £50million offer for the club after details of the bid became public knowledge, reports the Daily Mail. Investment bank Straumur, the head of CB Holdings who control the Hammers, had signed a non-disclosure agreement with Gold and Sullivan and, according to the London Evening Standard, are now frustrated at the way the former Birmingham owners have conducted their business.

Straumur will discover today (Tuesday) if a court in Reykjavik has granted an extension until September 2010 to pay their creditors but if that decision goes against the bank they may have little choice but to accept the offer.

Of the amount offered, £20m was to go straight to Straumur, £4m to pay off the money owed to Sheffield United over the Carlos Tevez affair and £3m to pay off former manager Alan Curbishley.

But the bid, submitted to Rothschild and Standard Bank, falls short of Straumur's valuation and does not make any provision for the club's estimated £40m debts.

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