DLA Piper has advised long-standing client David Sullivan on a further investment in West Ham United Football Club.
DLA Piper acted for Mr Sullivan on his original purchase of equity in West Ham in early 2010, a deal which gave him operational control of the club. Under the current deal he has acquired a further 25% of the West Ham shares and participated in the £25.5 million restructuring of the club's senior debt. Mr Sullivan is now the largest single shareholder in West Ham.
The DLA Piper team was led by partner Mel Sims and senior associate Patrick Tweedale in the Corporate team, with partner Alex Griffith and senior associate Smridhi Gulati from the Finance & Projects group advising on the banking side.
Mel Sims commented: "we are delighted to have advised David on his latest investment in the football club. It is an exciting time for West Ham, having had a solid first year back in the Premiership and with the move to the Olympic Stadium on the horizon. It is also a fascinating time for the professional football sector in general. The implementation of the financial fair play rules, coupled with the lucrative new TV deal, should prove beneficial to the long-term development, growth and stability of the game and its clubs."
Freshfields Bruckhaus Deringer acted for the new holders of the majority of the senior debt and Weil Gotshal & Manges acted for the exiting banks.