LONDON:
West Ham
have rejected a final takeover bid from the PAI Capital consortium, the group said on Thursday.
Saif Ali Khan Health Update
PAI, led by Azerbaijani businessman Nasib Piriyev and including former QPR chief executive
Philip Beard
, were willing to provide a £150 million ($206 million) cash injection for the
Premier League club.
That would have been used for development of the training ground, youth academy, scouting set-up and player recruitment.
However, the consortium revealed Hammers co-owner
David Sullivan had turned down the offer "on the basis that, with the team performing so well, it is not the right time to sell".
Revived by boss
David Moyes
over the last 18 months, West Ham are eighth in the Premier League and knocked Manchester United out of the League Cup on Wednesday.
In a statement, PAI Capital managing partner 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."
PAI's initial approach to West Ham was dismissed by Sullivan in February.
The consortium had since gained the backing of former Hammers players
Tony Cottee
and
Rio Ferdinand
.
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