est Ham‘s owners insist they will not sell the club to PAI Capital, with club sources accusing the consortium of being “property developers” rather than “football people”.
An informal approach to buy the club was made to co-owner David Sullivan in February and firmly rejected. Sullivan recently described the offer as “derisory”, though Beard claims it matched the price asked by the Hammers chief. The two sides also dispute whether proof of funds were provided.
PAI Capital are attempting to win hearts and minds of supporters by including Rio and Anton Ferdinand in their push, but are yet to outline their footballing plans for the east London club.
No further discussions have been held between the two parties since February, and there is little appetite for them at the London Stadium.
A club source told Standard Sport: “West Ham will never sell to people like them who we see as property developers not football people and who conduct their negotiations via the media. It’s not the way business is done.”
PAI has been approached for comment.
On Thursday, Beard accused Sullivan and David Gold of not being realistic in negotiations.
“The only thing holding us back for now is the reluctance of the Club’s owners to engage in constructive and realistic negotiations,” said Beard. “We believe they are willing to sell, and hope we can make progress in the coming weeks.”
PAI Capital claim they want to overhaul the stadium and surrounding area, but no progress on that front can ever be made by the consortium unless they have control of the club.
West Ham agreed a 99-year lease on favourable terms with the LLDC, who own and manage the stadium, in 2016.