Hammonds corporate partner David Hull has acted on a second major football deal in a week after advising on a £4m investment in West Ham United.
Hull led the Hammonds team, which also featured tax partner Patrick Ford, acting for John Harris CBE and Daniel Harris as two of the three investors. A third, in the form of former club chairman Terence Brown, turned to Herbert Smith for advice.
The £4m was raised through a share placement with the new investors. The proceeds were used to buy some of the remaining shareholding of former majority shareholder CB Holding. The balance will fund further on- and off-pitch development.
Hull, who last week advised on the sale of Leicester City to Thai consortium Asia Football Investments (13 August 2010) and has previously acted on deals involving Aston Villa, Birmingham City and Manchester City, said the sector was still a vibrant one for external investors and their advisers.
“It’s been a growth area for some time,” commented Hull. “There are a number of clubs looking for external investment and it’s an attractive sector [for law firms] as there’s an awful lot of potential and opportunities for us.
“Once you’ve got a name in the sector, the chances are it’ll stand you in pretty good stead for getting more recommendations.”