Pressure for West Ham to be sold in the summer is set to increase after the club's Icelandic chairman Bjorgolfur Gudmundsson's personal liabilities were revealed to be a staggering £301million.
Gudmundsson has admitted he does not even know if he will be able to keep his house in Reykjavik as the full extent of his financial collapse became apparent.
Gudmundsson told Icelandic newspaper Morgunbladid: "The situation is very bad. I have everything on the line - personal liability extends to all of my assets."
A consortium of creditors led by Icelandic bank Straumur - which is itself in financial difficulties - are in talks about taking over West Ham, though control may end up in the hands of an asset management company appointed by the Icelandic government.
Whoever ends up in control, Gudmundsson's situation is so bad that his creditors are understood to be keen to cash in on one of his few remaining assets - all that is needed is someone to make a reasonable offer for the club.
Gudmundsson added: "I'm left with the question, what is my position? I must admit that I'm a little lost."
Asked whether he would even lose his palatial home in Reykjavik, Gudmundsson replied: "I just don't know what I will be able to keep."
Straumur have also launched bankruptcy proceedings against Magnus Thorsteinsson, a long-term business partner of Gudmundsson.
Meanwhile, West Ham insiders say they are wholly confident of meeting the conditions required to receive a UEFA Club licence - needed if they qualify for the Europa League - and will submit the necessary accounts to the Premier League and FA before the May 31 deadline.
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Well to be honest i though we had messed up again when Zola came in, to manages us, as a Chelsea player he was top man loved the way he played, i will always remember seeing him by st saviours church by Harrods many years ago, i done a double take on seeing his face in front of me, he politely nodded to me and had a big smile on his face, i though then what a decent bloke he was, you won't get that from 75% of footballers now days.I was not happy with him coming to Westham and though he was using us as a stepping block, but glad to say how wrong i was and then getting Mr Clarke as well, at last we seem to be going some wear and now we are back to the days of Mr Brown & co there has got to be some one with westham in their Heart and millions in the bank, Please sir/mam come and help us we are the most loyal fans in the world... at least gudmundsson has tryed but the ression has not helped him i will say that in his defence.
Well to be honest i though we had messed up again when Zola came in, to manages us, as a Chelsea player he was top man loved the way he played, i will always remember seeing him by st saviours church by Harrods many years ago, i done a double take on seeing his face in front of me, he politely nodded to me and had a big smile on his face, i though then what a decent bloke he was, you won't get that from 75% of footballers now days.I was not happy with him coming to Westham and though he was using us as a stepping block, but glad to say how wrong i was and then getting Mr Clarke as well, at last we seem to be going some wear and now we are back to the days of Mr Brown & co there has got to be some one with westham in their Heart and millions in the bank, Please sir/mam come and help us we are the most loyal fans in the world...
The club needs to be sold to someone who can take it forward. My guess is that a American will buy it from the current owners for profit not football reasons !! It would be great to see a true West Ham English supporter buy it and put some pride back in from the top level (well its good to dream at least)... Keep pushing on and two more wins should be enough for seven place - Well Zola and Clarke...
Cottee to buy in and continue the good work..
good luck west ham, and gudmundsson, from manutd
Good luck to the hammers, from a toffee
i just hope someone comes in and buys the club so that they can move forward
The situation sounds bad...very bad.
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