FORMER Birmingham City owners David Gold and David Sullivan are reportedly launching a takeover bid for West Ham by the end of the week.

The pair, who have been linked with a move for the Upton Park club for several months, are believed to be preparing an offer between £25-30million in a deal that will also see them take on the Hammers' estimated debts of £40m, according to the Daily Telegraph.

However, it is understood that the offer falls some way short of the valuation of the club's owners CB Holdings, which is headed by Icelandic bank, Straumur.

It is believed that CB Holdings are keen to hold out for a figure closer to £80m. Any deal would also see the new owners take on the fees from the Carlos Tevez fallout: the club must pay £3.5m a year to Sheffield United for the next five years.

Gold and Sullivan are adamant that the appraisal is well off the true value of the club, and investment bank Rothschild has been brought in to bring the deal to a close on Friday.

If the pair are successful, it is thought they would recruit their former managing director at St Andrews, Karren Brady, in a part-time role.

However, they appear resigned to fail in their bid for West Ham, and may instead turn their attentions to League One outfit Charlton Athletic.

Other prospective buyers have also emerged, including Air Asia founder Tony Fernandes, and the London-based financial company, Intermarket.

Intermarket have this week indicated that they are still seriously considering making an offer, and could make a move as early as next week.

Straumur are thought to have secured an extension to their debt moratorium until next summer, which means they are not under heavy pressure to make a quick sale.