Sullivan and Gold up stake in West Ham to 60 per cent

David Sullivan (left) said: 'Fernandes wanted to buy 51 per cent of the club for two bob. He thinks we are desperate for the small amount of money he offered' (AFP)

West Ham co-owners David Sullivan and David Gold have revealed their intention to eventually allow supporters to invest in the club after they increased their stake to 60 per cent. The pair, who previously owned Birmingham, took control of the Hammers in January when they bought it from Icelandic group CB Holdings.

They have now increased their share of the club from 25 per cent each to 30 per cent each at a cost of £8m, with £4m going to CB Holdings and the other half to the club.

"We have a long-term intention of increasing our shareholding, while we have also invited professional investors to share in our vision for this special club," Sullivan said. "Also, in the near future we hope to extend to supporters the opportunity to invest in the club. We are committed to putting West Ham on a firm financial footing that will form the basis for success.

"Myself and David Gold are West Ham United fans and our aim is to ensure our club enjoys a stable and successful future."

CB Holdings still own 40 per cent of the club but Sullivan and Gold have a three-year option to buy those shares. The pair sacked manager Gianfranco Zola on 11 May after he presided over a season during which the Hammers only narrowly avoided relegation.

Avram Grant is expected to be named as the Italian's successor next week. Grant, who is on holiday with his family, is understood to have agreed in principle to join the Hammers.