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West Ham chairman acknowledges that survival is the key to investment

PUBLISHED: 17:29 31 March 2010 | UPDATED: 15:48 05 October 2010

PORTSMOUTH, ENGLAND - JANUARY 26:  New West Ham joint owner David Gold in the directors box during the Barclays Premier League match between Portsmouth and West Ham United at Fratton Park on January 26, 2010 in Portsmouth, England.  (Photo by Richard Heathcote/Getty Images)

PORTSMOUTH, ENGLAND - JANUARY 26: New West Ham joint owner David Gold in the directors box during the Barclays Premier League match between Portsmouth and West Ham United at Fratton Park on January 26, 2010 in Portsmouth, England. (Photo by Richard Heathcote/Getty Images)

David Gold knows that the next few weeks are crucial if they are to attract new investment into West Ham

David Gold knows that the next few weeks are crucial if they are to attract new investment into West Ham.

The 73-year-old co-owner bought half of the club with David Sullivan in January and in their first press conference sent out a plea for wealthy West Ham fans to buy shares in the remaining 50 per cent.

Stramur, the company which the duo bought half of the club from own the other 50 per cent and are looking to sell their share.

Gold has said that there have been no approaches so far and believes the club's precarious league position is a factor in the lack of interest.

"The thing that is driving everything at the moment is to get away from the relegation zone and as soon as we do that we can be a bit more positive," he said.

"But it is a long process. Yes we have had people who have shown interest.

"If I am honest with you, I think most investors will want to know, like everybody, where we are going to be next season.

"I think it will make life easier once we pull out of this too close proximity to the relegation zone."

Gold refused to be negative and discuss the worst as he believes that there is a possibility that he and Sullivan could buy the remaining half of the club.

"Possible (we could buy the other 50 per cent). It is a possibility, but this is a big job, the club has massive debts and everyone is aware of those debts," he said.

"There isn't anybody who is unaware that this is a super, super wealthy business.

"This is not a business for any run of the mill millionaires.

"They are nothing in this environment.

"You have to own a country, and if you don't own a country you've got to own a big chunk of it. Most of it should be underground in oil which helps.

"Yes of course we can buy more of those shares and help to reduce the debt, but that actually doesn't bring in what you really need to compete with the big guys and that is we need to get together a number of millionaires.

"Everybody is a millionaire today, but the multi-millionaires have got to get together to compete with the billionaires.

"That's why we would encourage people to come in and give us a fighting chance."

By Matt Diner


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