Gold and Sullivan bid for West Ham
The channel quoted a source close to Gold as saying that part of the cash would go to the club's Icelandic owners and the rest to service debt and provide funds for the January transfer market.
West Ham were acquired by CB Holding, a unit of Iceland's bailed-out Straumur-Burdaras bank, in June.
That takeover followed the collapse of the business empire of former owner Bjorgolfur Gudmundsson, who bought West Ham in 2006 for about 85 million pounds and who had borrowed heavily from the Icelandic bank.
Straumur, a major lender to Gudmundsson's holding company, was taken over by Iceland's financial authorities in March.
Sullivan, David and Ralph Gold sold Premier League Birmingham City to Hong Kong businessman Carson Yeung in October.
West Ham, managed by Italian Gianfranco Zola, are 18th in the 20 team league.