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It's over? PAI Capital release statement after pulling back from West Ham bid

PAI Capital have announced their attempts to buy West Ham United are now over.

The local group say they will not press West Ham's co-owners David Sullivan and David Gold with the team now performing well.

A statement read:

"Earlier this month, PAI Capital submitted a further offer for West Ham United to the controlling shareholder, David Sullivan. The offer was well-received and discussed on an amicable basis under agreed confidentiality.

"PAI Capital's offer was submitted following a thorough and detailed business plan that it built for the club, incorporating the ownership of the London Stadium - in line with the acquisition that was agreed with the LLDC, subject to PAI Capital being able to purchase a majority interest in the club.

"The key elements of the bid were:

• The club would benefit from a £150 million cash injection to be used for development of the training ground, youth academy, scouting set-up and, importantly, player purchase across the men's and women's teams.

• The club would own the London Stadium and be part of a group with a joint venture interest across the Olympic Park, elevating the club's status in the park and allowing it to have a greater influence in relation to pathways and usage in and around the London Stadium.

• All existing shareholders would be paid a share price on a valuation considerably higher than the current market valuation of the club.

"Mr Sullivan has, unfortunately, declined the offer on the basis that, with the team performing so well, it is not the right time to sell. PAI Capital notes his decision and, given that it is one of timing and not price, the company is unable to take things forward at this stage. PAI Capital's interest remains however and, should things change, will be ready and willing to proceed.

"PAI Capital Managing Partner Nasib Piriyev said: “I am disappointed that we cannot conclude the deal as hoped, as we have some big ideas for the club. This is something we have been working on for over nine months, with a committed team behind the bid.

"West Ham is close to my heart and I hope that our interest has been healthy for the club — I believe that all competition is good for focusing minds and improving performance.

"Of course, we respect the owners' wishes and simply put on the record that we are here if, and when, they decide the time is right for them to sell. Until then, I wish all the best to the club, and I thank the fans for their patience, understanding and support."

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