Football

No pressure for West Ham owner

Published Add your comment

Football News
24/7

West Ham's owner Bjorgolfur Gudmundsson is under no pressure to sell the club before a March deadline, sources close to the Icelandic financier have insisted.

The club's holding company Hansa are due back in court in Iceland on March 6 where they will argue they should not be put into insolvency. According to court documents in Reykjavik, Hansa will have to appear before court and satisfy a number of creditors. Some reports say they face being declared insolvent then which would lead to a nine-point deduction for the Hammers by the Premier League.

However the source said: "There is no urgent need to sell West Ham before March - that court appearance is just part of the normal procedure that takes place in Iceland in dealing with these situations."

Gudmundsson has had a number of approaches from potential buyers for West Ham but no firm offer has been received.

The banker has been under considerable financial pressure following the collapse of the Icelandic bank Landsbanki, in which he held a 41% stake.

He initially told the Reykjavik court that he expected to get £250million for West Ham - which he bought for £85million two years ago - but it has since been admitted that asking price is unrealistic.

Copyright (c) PA Sport 2009, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms

Topics:
Football
Premier League
West Ham United

Article Comments

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author

DISCLAIMER

This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again