pezza20 wrote:

Clack - Fernandez didn't have the money and Intermarket were just full of bullshit. I have no doubt at all we would have been in Portsmouth's position now given Straumer had no appetite to keep the debts, they would have sold most of our players and headed for the hills, leaving the other banks to pinch the ground, training ground and every other asset they have as security .....


Fernandes bought QPR, and has invested heavily in the team (although badly, in my opinion!) - he had the money.

If I remember rightly, Fernandes was only interested in buying WHU outright, but Staumur prefered G & S's deal that allowed them to keep 50%.

It was a unique situation as West Ham's debt was to bankrupt Icelandic banks, who also owned West Ham - WHU was their only asset worth anything, and whose value might increase long-term.

But the Icelanders shit themselves at the thought of relegation - the money Sraumur received from the sale of 50% allowed them to clear some of the debt, which in turn allowed the club to hold onto Upson (the next one lined up for sale), and buy a few new players that January window aswell.

It's often claimed that G & S personally put in their own money to reduce the debt, but that's not right. Yes, indirectly, due to the unique situation, the money they paid to buy 50% of club was then used by the Icelanders to clear their own debts, when under normal circumstances it would be profit for the seller.G & S put in their own money to buy the club, but they did not put in any extra to clear the debt, which is what is needed at Portsmouth, and other clubs that actually go into administartion. 

(Yes, I know that since then, since relegation, G & S have personally loaned the club money to help ease the financial blow of relegation and attemept to try and get back up as soon as possible)