PAI'N In The Proverbial!

The PAI announcement due later today about their take over plans won't help matters that need urgent attention, no matter what they say it won't 'magic up' a striker from nowhere and perhaps their interest will only serve to have a derogatory effect on the club.

To be honest in a way their interest coild end up being a PAI'N in supporters' backsides, because it will just add smoke to back up the mirrors already in place at the club.

IF they really are serious about the club's welfare, surely they should be holding 'confidential' negotiations in order to not further destabilise a club that is undoubtedly about to hit a rocky patch.

We know this sentiment might not go down well with a lot of fans, it is just one way of looking at things. It is highly unlikely that David Sullivan would sanction a sale that doesn't meet his ultra high valuation, but if he was offered 'crazy money' he would snap their hands off.

It should also be remembered that the 30% clause regarding the London Stadium will still be applicable until 2023, so PAI would need to stump up an additional 30% premium in order to get the deal done quickly, as opposed to biding their time for another year and a half. Sullivan and the other shareholders would receive the same money either way, 10% shareholder Tripp Smith would have to acquiesce under company law if the remaining 90% were purchased.

Ironically a similar situation actually happened to David Gold and David Sullivan while they owned Birmingham City when the Icelandics purchased West Ham, as G&S had around a 10% stake in the club that they were forced to cash in.

Of course every long suffering fan wants the proverbial knight in shining armour to arrive and sweep the club of its feet, or the cavalry to come charging over the horizon to save the day, but it ain't gonna happen.

Any negotiations will be long and painful, that is assuming they take place at all. The club's shareholders are under no obligation even to listen to offers, as such they hold all the aces, so any offer made would have to be 'significant' and would have to be financed further down the line, PSI are an investment company that has to generate dividends for their clients, knights in shining armour they certainly are not!

The club has 'endured' ten years of Gold and Sullivan's ownership as a consequence of the Icelandic's splashing their borrowed cash indiscriminately, the club was lurching towards administration before the 'Twins' stepped in and bought it for a relative song.

So the essence of this tale is cautionary, 'be careful of what you wish for, you might just get more than you bargained for'. - Ed

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