Filed: Tuesday, 7th October 2008
By: Staff Writer
West Ham United have dismissed reports that the club may be about to be sold
in the wake of the collapse of Landsbanki. The bank - in which Hammers
Chairman Bjorgolfur Gudmundsson had a 40% stake - was taken under the
control of the Icelandic government yesterday to prevent it from going
under, the latest victim of the worldwide banking crisis. All Landsbanki
board members were dismissed as a result. With the bank's foreign assets
said to be up for grabs, speculation arose that West Ham United - purchased
by Gudmundsson for £85million in 2006 - may be about to be sold. But that
suggestion has been dismissed this morning by an unnamed board member, who
told the BBC: "This is not affecting West Ham. One of Mr Gudmundsson's
investments has gone bad, but he is still standing and has a lot of other
investments."
Meanwhile another (similarly) unnamed board member added: "West Ham is
protected by Mr Gudmundsson. He has considerable personal wealth in a number
of sectors, such as construction and shipping, and most of these assets and
investments are overseas. "Mr Gudmundsson is not looking to sell the club -
and he is as committed as ever."
News of Landsbanki's collapse is the third piece of bad news for Gudmundsson
in recent weeks. Just a month ago United's sponsors XL, also owned by
Gudmundsson went bankrupt with the Hammers chairman thought to have taken a
personal hit of around £160million, whilst last week Sheffield United were
given the green light to sue the Hammers after an arbitration panel ruled in
their favour in the latest leg of the ongoing Carlos Tevez case.
West Ham United made a summer transfer profit on player trading (in terms of
transfer fees spent/received) of around £10million, with only Valon Behrami
brought in to the club for anything greater than a nominal fee. Players sold
for hefty fees, such as George McCartney and Bobby Zamora have been replaced
by cheap, foreign imports.
The current Icelandic board have spent just £15million net on transfer fees
since purchasing the club two years ago; in contrast, the previous regime
led by Terry Brown spent over £24million in the same two-year period leading
up to the club's sale.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
West Ham defiant despite bank hit - BBC
By Simon Austin
West Ham insist they will not be affected by Iceland's second-biggest bank,
Landsbanki, being placed into receivership on Tuesday. Club chairman
Bjorgolfur Gudmundsson is a major shareholder in both West Ham and
Landsbanki, and was chairman of the bank until he was sacked on Tuesday.
"This is not affecting West Ham," a senior boardroom member told BBC Sport.
"One of Mr Gudmundsson's investments has gone bad, but he is still standing
and has a lot of other investments."
Another board member said 67-year-old Gudmundsson had made it clear that
Landsbanki's predicament had "no implications, no impact" for the club.
"West Ham is protected by Mr Gudmundsson," he said. "He has considerable
personal wealth in a number of sectors, such as construction and shipping,
and most of these assets and investments are overseas."
A weekend newspaper report claimed that Indian billionaire Anil Ambani was
interested in buying West Ham and had been told the club was available for
£150m.
But the board member said: "West Ham is definitely not for sale. Mr
Gudmundsson is not looking to sell the club and he is as committed as ever."
The Icelandic government took control of Landsbanki on Tuesday to prevent it
collapsing and sacked the bank's board. There are now fears that the bank
could become insolvent, although it released a statement saying: "Landsbanki
would like to stress that the bank has not been put into liquidation but is
in receivership, which gives it a temporary protection from payment of debts
and obligations as they fall due."
Gudmundsson had experienced a testing few months even before the news that
Landsbanki was being placed into receivership. West Ham's shirt sponsor, XL,
went bust last month, leaving the club with a potential shortfall of £5m. It
also emerged that Gudmundsson was the guarantor of a 207 million Euros
(£163m) bank loan given to XL. Then, two weeks ago, an independent tribunal
ruled against West Ham in the Carlos Tevez affair, leaving them liable to a
£30m compensation claim.
Gudmundsson, who bought the Hammers for £85m in November 2006, was listed as
one of the 1,000 richest men in the world in the 2007 Forbes Rich List. He
is the second richest man in Iceland, behind his son. In an interview with
The Observer last year he said: "I have interests in companies all over the
world. Our operations in Iceland are minimal. Most of our money comes from
abroad."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Financial worry for Hammers - SSN
Gudmundsson could lose personal fortune
Last updated: 7th October 2008
West Ham could find themselves in financial trouble after the bank of owner
Bjorgolfur Gudmundsson was put into receivership. It has been confirmed that
a government body had dismissed the board of directors of Landsbanki bank in
Gudmundsson's native Iceland. The bank is now expected to be nationalised as
the credit crunch takes effect in Iceland. Gudmundsson, who took over as
West Ham chairman in December 2007 from Eggert Magnusson, owns around 40 per
cent of Landsbanki along with his son, and is now facing the prospect of
losing much of his personal fortune. The news will raise question marks
over the future of Gudmundsson's ownership of West Ham and comes as a major
blow with the club already contesting a multi-million financial claim from
Sheffield United over the Carlos Tevez affair.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Bellamy ready to start - SSN
See Wales v Liechtenstein live on Sky Sports 1 and Sky Sports HD 1
Last updated: 7th October 2008
Striker Craig Bellamy insists he is ready to start Wales' World Cup
qualifier against Liechtenstein. The West Ham marksman's season has so far
been disrupted by injury after he tore a hamstring in pre-season. However,
he replaced David Di Michele after 54 minutes of West Ham's 3-1 defeat to
Bolton on Sunday and the ex-Liverpool and Blackburn ace believes he is
nearing full fitness. When asked if he will be 100 per cent for Wales' clash
against Liechtenstein on Saturday, he told Sky Sports News: "Nearly. I'm not
too far away, but I'm a lot fitter than I was a few weeks ago. "I could have
been ready against Bolton, but basically I couldn't get in. I've had to bide
my time and I'll wait for my opportunity. "We'll wait and see Saturday. We
don't know what the team's going to be, but I'm ready to start if I get the
chance. "I came on against Blackburn and still felt it a little bit which
prevented me from meeting up with Wales last time. "I was right because I
couldn't come on against West Brom because I felt it again. "I left it
another couple of weeks and it's gone quite well so hopefully I'll be in the
frame for Saturday. "The only problem with hamstrings is that speed is an
important part of my game so I've got be a bit more careful than other
players because that explosiveness off the mark is where you feel it."
With Wales taking on European giants Germany next week, Bellamy believes it
is crucial they see off Liechtenstein this weekend. "It's essential we win.
This time last year the boys went over (to Germany) and got a good result so
I'm sure we can cause them problems," he continued. Bellamy has made just
three appearances for The Hammers to date this term and after suffering an
injury-plagued first season with the East Londoners, he is now looking to
show the club's fans what they have been missing out on. "I've just signed a
deal at West Ham last year and I want to give as much as I can. "I missed
virtually the whole of my first year at West Ham which was really
disappointing, but I'm sure this year I can make up for lost time."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Fridgeirsson eases fans' fears - SSN
Hammers insist they remain financially secure
By Chris Burton Last updated: 7th October 2008
West Ham vice-chairman Asgeir Fridgeirsson has offered reassurances that the
club is in safe hands. The precarious state of the financial industry in
Iceland had led to concerns regarding Hammers owner Bjorgolfur Gudmundsson.
The billionaire businessman has been in control at Upton Park since
completing a takeover in November 2006, and invested a further £30.5million
in December 2007 to acquire a further five per cent stake. However, the
Icelandic bank he chaired, Landsbanki, is suffering extreme difficulties at
present and has been nationalised by the nation's government. This news had
led to fears that West Ham would now see their assets stripped in an attempt
to raise revenue.
Fridgeirsson, though, insists that is not the case and confirmed business
will continue as normal at the Premier League club. "Landsbanki has not gone
into administration, the government has claimed the shares in the company
but the company is still in operation," he told Sky Sports News. "It is of
course a blow for him (Gudmundsson) and his financial strength but he has
numerous other investments which are doing well at the moment, so there is
no reason to fear that he will not fulfil his commitments to West Ham
United. "I don't think there is any reason to be too pessimistic. West Ham
is a well run company. "It is run in an efficient manner and the company
itself is servicing its debts and in doing so it has been able to progress
in developing the infrastructure. There is no reason for the fans to worry
in any way about things on the pitch."
While Fridgeirsson insists the club have no financial concerns at present,
he did confirm that no more funding will be made available to manager
Gianfranco Zola for the foreseeable future. "Mr Gudmundsson has already put
£30m into the club, the money is still there," he added. "We have a very big
squad. Our manager feels it is not necessary to be that size so if further
transfers are needed money would need to be generated from sales. "There is
no intention to invest further in the club at the moment, but the club is
standing strong. Mr Gudmundsson will not take money out of the club."
Meanwhile, Fridgeirsson also confirmed that there are no plans at present to
seek a new buyer for the club. "There is enormous interest in the club, but
at the moment we are not actively in the process of selling the club. There
is not a need," he said.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
West Ham lockdown - no more funds for players after Hammers chairman's bank
collapses - Daily Mail
Last updated at 3:44 PM on 07th October 2008
West Ham have been plunged into crisis after the collapse of the bank
controlled by the club's chairman Bjorgolfur Gudmundsson. Landsbanki -
Iceland's second-largest bank - has become the latest victim of the meltdown
which has engulfed the world's money markets, and Hammers vice-chairman
Asgeir Fridgeirsson has admitted that the club may be forced to sell
players. Fridgeirsson said: "There is no intention to invest further in the
club at the moment, but the club is standing strong. Mr Gudmundsson will not
take money out of the club. "Mr Gudmundsson has already put £30million into
the club, the money is still there. "We have a very big squad. Our manager
feels it is not necessary to be that size so if further transfers are needed
money would need to be generated from sales."
The bank is now expected to be nationalised as the credit crunch takes
effect in Iceland. Magnusson owns about 40 per cent of Landsbanki along with
his son. Fridgeirsson has, however, moved to reassure Hammers supporters
that it is business as usual at the Barclays Premier League club.
"Landsbanki has not gone into administration, the government has claimed the
shares in the company but the company is still in operation," he told Sky
Sports News. "It is of course a blow for him (Gudmundsson) and his financial
strength but he has numerous other investments which are doing well at the
moment, so there is no reason to fear that he will not fulfil his
commitments to West Ham United. "I don't think there is any reason to be too
pessimistic. West Ham is a well-run company. "It is run in an efficient
manner and the company itself is servicing its debts and in doing so it has
been able to progress in developing the infrastructure. There is no reason
for the fans to worry in any way about things on the pitch." Meanwhile,
Fridgeirsson also confirmed that there are no plans at present to seek a new
buyer for the club. While Fridgeirsson insists the club have no financial
concerns at present, he did confirm that no more funding will be made
available to manager Gianfranco Zola for the foreseeable future. "There is
enormous interest in the club, but at the moment we are not actively in the
process of selling the club. There is not a need."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Icelandic bank goes into receivership. The fun never stops at West Ham -
soccerlens
Written by Rob Parker
West Ham will have to change their name to Credit Crunch United at this rate
because no Premier League club is feeling the pinch quite like the Hammers.
Just weeks after shirt sponsor XL.com went bust, Icelandic bank Landbanki -
of which club chairman Bjorgolfur Gudmundsson is a major shareholder - has
gone into receivership.
A West Ham board member denied that the bank's problems would affect the
club. He told the BBC: "This is not affecting West Ham. One of Mr
Gudmundsson's investments has gone bad, but he is still standing and has a
lot of other investments."
With that potential compensation package to Sheffield United still hanging
over the Hammers too, it is tempted to believe the anonymous board member is
putting a slightly brave face on.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
FRIDGEIRSSON EASES HAMMERS FEARS - Football365
Posted 07/10/08 15:22EmailPrintSave
West Ham vice-chairman Asgeir Fridgeirsson has offered reassurances the club
is in safe hands. The precarious state of the financial industry in Iceland
had led to concerns regarding the Hammers owner Bjorgolfur Gudmundsson. The
billionaire businessman has been in control at Upton Park since completing a
takeover in November 2006, and invested a further £30.5million in December
2007 to acquire a further five per cent stake. However, the Icelandic bank
he chaired, Landsbanki, is suffering extreme difficulties and has been
nationalised by the nation's government. This news had led to fears that
West Ham would now see their assets stripped in an attempt to raise revenue.
Fridgeirsson, though, insists that is not the case and confirmed business
will continue as normal at the Premier League club. "Landsbanki has not gone
into administration, the government has claimed the shares in the company
but the company is still in operation," he told Sky Sports News. "It is of
course a blow for him (Gudmundsson) and his financial strength but he has
numerous other investments which are doing well at the moment, so there is
no reason to fear that he will not fulfil his commitments to West Ham
United. "I don't think there is any reason to be too pessimistic. West Ham
is a well-run company. "It is run in an efficient manner and the company
itself is servicing its debts and in doing so it has been able to progress
in developing the infrastructure. There is no reason for the fans to worry
in any way about things on the pitch."
While Fridgeirsson insists the club have no financial concerns at present,
he did confirm that no more funding will be made available to manager
Gianfranco Zola for the foreseeable future. Mr Gudmundsson has already put
£30million into the club, the money is still there," he added. "We have a
very big squad. Our manager feels it is not necessary to be that size so if
further transfers are needed money would need to be generated from sales.
"There is no intention to invest further in the club at the moment, but the
club is standing strong. Mr Gudmundsson will not take money out of the
club."
Meanwhile, Fridgeirsson also confirmed that there are no plans at present to
seek a new buyer for the club. "There is enormous interest in the club, but
at the moment we are not actively in the process of selling the club. There
is not a need," he said.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Hammers unaffected by bank collapse - Echo
2:40pm Tuesday 7th October 2008
WEST Ham will not suffer any repercussions from Landsbanki going into
receivership, despite club owner Bjorgolfur Gudmundsson being a major
shareholder in the Icelandic bank. The 67-year-old was the chairman of
Landsbanki until he was sacked on Tuesday, after it had been taken over by
the Icelandic government to prevent it from becoming insolvent. But the
Hammers will not be affected by the developments, according to the club, as
Gudmundsson's investment in his homeland represents only a small portion of
his personal fortune. "This is not affecting West Ham," a senior boardroom
member told BBC Sport. "One of Mr Gudmundsson's investments has gone bad,
but he is still standing and has a lot of other investments. "West Ham is
protected by Mr Gudmundsson. He has considerable personal wealth in a number
of sectors, such as construction and shipping, and most of these assets and
investments are overseas."
The events in Iceland are the latest in a line of incidents that have put
the West Ham chairman under pressure. The club's sponsor, XL, collapsed last
month, resulting in the club losing an extra £5million in revenue.
Furthermore, it was recently revealed that Gudmundsson was the guarantor of
a £163million bank loan for the travel company. Add that with the fact that
the Irons are facing a massive £30million pay-out to Sheffield United
following the Blades' successful appeal over the Carlos Tevez affair, and it
has been more than a turbulent few months for the chairman.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Landsbanki takeover casts pall over West Ham - Guardian
LONDON, Oct 7 (Reuters) - London soccer club West Ham's finances were again
in the spotlight on Tuesday after the Icelandic bank chaired by the club's
billionaire owner was put in receivership, the latest victim of global
financial turmoil. The Icelandic government said it was taking control of
Landsbanki, the island's second-largest bank by value, as the country's
financial system threatened to collapse and its currency plunged. Owner
Bjorgolfur Gudmundsson, erstwhile chairman of Landsbanki, led an 85 million
pound ($148.3 million) buyout of the east London club in November 2006. He
invested another 30.5 million pounds in West Ham in December 2007 after
buying a further 5 percent stake. He is Iceland's second-richest person,
after his son Thor. The Gudmundsson family are major shareholders in
Landsbanki. West Ham, already reeling from the loss of its shirt sponsor
last month after the collapse of tour operator XL Leisure, could not be
reached for comment.
The mid-sized club is also appealing against a ruling by the Court of
Arbitration for Sport (CAS) that it pay compensation to a rival club, which
could run into tens of millions of pounds. Richard Elliott, a lecturer in
globalisation in soccer at Southampton Solent University, said English clubs
were becoming more vulnerable because they were no longer funded just by
fans entering the turnstile and could be affected by events beyond their
control as a result of growing foreign ownership. "Now they are global
corporations, and they are run across the world and financed and sponsored
by companies around the world, and they are broadcast around the world,"
Elliott said. "So if there is a global financial crisis, being a global
league, there is a much greater likelihood now that the effects will be felt
in big clubs and small clubs," he said. West Ham, a bastion of Cockney
London, is currently sixth in the English Premier League. It narrowly missed
being relegated at the expense of rival Sheffield United during the 2006-07
season but was last month adjudged by the CAS arbitration panel to have
fielded an ineligible player who had been pivotal in keeping them up --
Carloz Tevez, now of Manchester United.
The CAS did not specify the amount it expected West Ham to pay Sheffield
United in compensation, but a figure of 30 million pounds ($55.74 million)
was widely reported. West Ham made a 22 million pound pretax loss in the
2006-07 financial year.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Financial crisis looms for West Ham as Lord Triesman calls for 'means
testing' on buyers - Telegraph
As doubts were mounting today about the financial structure that underpins
West Ham, FA chairman Lord Triesman warned English football of the need for
more transparency in the running of clubs.
By Jeremy Wilson
Last Updated: 2:00PM BST 07 Oct 2008
In a wide-ranging speech about his concerns surrounding the English game,
Triesman highlighted the spiralling level of debt as a "tangible danger",
particularly because it is spread around unstable financial institutions
that have been left exposed by the global market meltdown.
His warning follows news that Lansbanki, the second largest bank in Iceland,
had been placed into receivership, with the Icelandic government seizing
control today. The Landsbanki chairman and a large shareholder in the bank
is Bjorgolfur Gudmundsson, the owner of West Ham United football club.
In an address broadcast on Icelandic television last night, prime minister
Geir Haarde announced plans to rush through an emergency bill, supported by
opposition parties, allowing the government to push through mergers between
the battered banks or force them into bankruptcy.
"We were faced with the real possibility that the national economy would be
sucked into the global banking swell and end in national bankruptcy," he
said. The Icelandic Financial Services Authority said it had taken control
of Landsbanki to "guarantee a functioning domestic banking system".
Triesman estimated that the figure of debt across English football currently
stands at £3 billion and has called for a review of the "fit and proper
persons" test that rules on who is eligible to own English clubs. The FA
chairman also expressed his concerns about the current lack of eligible
English players and called for a new sports law to establish which
authorities have responsibility for which issues across English football.
A Tottenham fan, Triesman also wants life bans for the fans who verbally
abused Sol Campbell at Portsmouth. "I abhor the treatment of Sol Campbell by
supporters of a club that I have loved and supported all my life," he said.
"I hope the individuals will be identified and, if appropriate, banned from
Tottenham's ground."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
'BG' is stayin' alive at West Ham - Echo
1:53pm Tuesday 7th October 2008
By Rob Pritchard »
WEST Ham United have insisted Icelandic owner Björgólfur 'BG' Gudmundsson is
going nowhere, despite the island nation's economy being plunged into chaos.
Control of the country's second largest bank Landsbanki, of which
Gudmundsson is chairman and whose holding company Samson eignarhaldsfelag
owns 41.85 per cent, was seized by the Icelandic government on Tuesday as it
took desperate steps to prevent Iceland itself being declared bankrupt.
Iceland's currency, the krona, fell to a record low on Monday, while British
investors in Landsbanki's online UK bank Icesave were unable to withdraw
their deposits on Tuesday. But the struggles in the country's economy, which
had boomed on the back of its banks servicing debt and a strong housing
market, will not end Gudmundsson's two-year stay at Upton Park.
"This is not affecting West Ham," a senior boardroom member told BBC Sport.
"One of Mr Gudmundsson's investments has gone bad, but he is still standing
and has a lot of other investments."
Another board member said the 67-year-old Gudmundsson had made it clear that
the situation in his homeland would have "no implications" for the club he
bought for £85million in November 2006. "West Ham is protected by Mr
Gudmundsson," he said. "He has considerable personal wealth in a number of
sectors, such as construction and shipping, and most of these assets and
investments are overseas. "West Ham is definitely not for sale. Mr
Gudmundsson is not looking to sell the club and he is as committed as ever"
With the Irons already reeling following an independent tribunal's decision
to find in favour of Sheffield United's £30million compensation claim over
the Carlos Tevez affair, fears had been raised over his future at the Boleyn
Ground. Gudmundsson and his son Bjorgolfur Thor Bjorgolfsson were also hit
hard by the collapse of tour operators and Hammers' shirt sponsors XL after
shipping company Eimskip – in which the pair are principal owners –
guaranteed a £100million-plus loan handed to the company by Landsbanki in
2006.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Bank chaos casts cloud over BG's West Ham future - Echo
1:08pm Tuesday 7th October 2008
By Rob Pritchard »
THE future of Icelandic billionaire Björgólfur 'BG' Gudmundsson as West Ham
United owner appears unclear after the island nation's economy was plunged
into chaos.
Control of the country's second largest bank Landsbanki, of which
Gudmundsson is chairman and whose holding company Samson eignarhaldsfelag
owns 41.85 per cent, was seized by the Icelandic government on Tuesday as it
took desperate steps to prevent Iceland itself being declared bankrupt.
Iceland's currency, the krona, fell to a record low on Monday, while British
investors in Landsbanki's online UK bank Icesave were unable to withdraw
their deposits on Tuesday. The struggles in the country's economy, which
had boomed on the back of its banks servicing debt and a strong housing
market, could have knock-on consequences for Gudmundsson and the Hammers.
With the Irons already reeling following an independent tribunal's decision
to find in favour of Sheffield United's £30million compensation claim over
the Carlos Tevez affair, the chairman could decide to cash-in the club he
bought for £85million - also taking on £22.5million of the club's debts - in
November 2006.
Gudmundsson and his son Bjorgolfur Thor Bjorgolfsson were also hit hard by
the collapse of tour operators and Hammers' shirt sponsors XL after shipping
company Eimskip - in which the pair are principal owners - guaranteed a
£100million-plus loan handed to the company by Landsbanki in 2006. A West
Ham source recently told the Echo that the chairman was "committed" to the
club, but the latest dire financial news in his homeland could see the
Icelandic tycoon change his mind and choose to sell-up. Should Gudmundsson
leave Upton Park, it would spell the end a rollercoaster two year stint in
the East End in which two managers - Alan Pardew and Alan Curbishley - and
one chairman - Eggert Magnusson - have left and the club was fined a world
record £5.5million by the Premier League over the Tevez saga.
Prospective new owners, who are thought to included Indian billionaire Anil
Ambani, could buy the Hammers for around £150million after TV revenue
increased the value of Premier League clubs.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
West Ham faces financial uncertainty as Icelandic bank Landsbanki is seized
- the Mirror
By Chris Wilson 7/10/2008
Following the collapse of their shirt sponsor XL Leisure Group last month
West Ham could be in further financial trouble as Icelandic bank Landsbanki
falters. The Landsbanki chairman and a large shareholder in the bank is
Bjorgolfur Gudmundsson, the owner of West Ham, and this morning the
Icelandic government seized control of the bank as it sought to avert a
financial meltdown. What effect this will have on the Premier League club is
unknown, but reports suggest that Gudmundsson will struggle to give the club
any money for transfers in January.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
FINANCIAL WORRY FOR HAMMERS - Football365
Posted 07/10/08 12:14EmailPrintSave
West Ham could find themselves in financial trouble after the bank of owner
Bjorgolfur Gudmundsson was put into receivership. It has been confirmed a
government body dismissed the board of directors of Landsbanki bank in
Gudmundsson's native Iceland and it is now expected to be nationalised as
the credit crunch takes effect.
Gudmundsson, who took over as West Ham chairman in December 2007 from Eggert
Magnusson, owns around 40 per cent of Landsbanki with his son and he faces
the prospect of losing much of his personal fortune. The news will raise
question marks over the future of Gudmundsson's ownership of West Ham and
comes as a major blow with the club already contesting a mulit-million
financial claim from Sheffield United over the Carlos Tevez affair
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Zola's return picked for live SKY coverage - Echo
11:37am Tuesday 7th October 2008
By Rob Pritchard »
GIANFRANCO Zola's return to Chelsea as West Ham United manager will be
screened live by SKY Sports. The broadcaster announced that the Premier
League clash will be one of 10 games shown during December. Zola, who spent
seven seasons at Stamford Bridge between 1996 and 2003, will take the
Hammers to West London on Sunday, December 14 (4pm kick-off). The match will
also see first-team coach Steve Clarke, who left the Blues for Upton Park
last month, return to the club where he spent 20 years as a player, coach
and assistant manager. West Ham will be hoping to improve their recent
record at the Bridge, where they have lost on their last four visits. The
Irons' last win at Chelsea came in September 2002, when a Paolo Di Canio
brace and Jermain Defoe strike helped the East Enders to a 3-2 win. Zola
scored the Blues' second goal after appearing as a second half substitute.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Hammers defender unsure when he will be back - Echo
10:53am Tuesday 7th October 2008
DANNY Gabbidon still has no idea when he will be fit enough to return from a
long-term abdominal injury. West Ham United's Wales international defender
has not played for the first-team since his late mistake led to the Irons'
2-1 Carling Cup quarter-final defeat to Everton last December. Since then,
the 29-year-old has endured a frustrating series of problems with his
stomach, but he is hopeful of finally pulling on an Irons' shirt in the
not-too-distant future. "I am taking it day-by-day, week-by-week," the
2005/06 Hammer of the Year told West Ham's official matchday programme.
"Obviously I won't be happy until I'm back playing but I am pleased with how
things are going for me. "I am not giving any specific targets as to when I
will be back. "It has been tough and I still have a bit to go, but I am
certainly 100 per cent confident of getting back sooner rather than later.
"I am not that far away and the work I am doing has stepped up to where I
can do some running now, so it is nice for me to have new challenges like
this and see the progress being made."
Despite his injury problems, Gabbidon has been a regular visitor to West
Ham's Chadwell Heath training ground, where he has worked closely with the
club's medical staff. And the Cwmbran-born player has also spoken with new
manager Gianfranco Zola over his long-term future at Upton Park. "The boss
and Steve Clarke have both talked to me and know what is going on and where
I am at," added the centre-back. "It's good that they haven't forgotten
about me. They have said I have to continue to be patient. "It's good to
know what they think, as when you have been out injured a long time and a
new manager comes in, he has other things to concentrate on, like the
players who are fit to play every week. "But we have had a chat and it has
made me feel confident and want to work even harder so I can get back and
prove myself to him."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Breaking News: West Ham Owner's Bank is Nationalised - West Ham Till I Die
It was announced this morning that the bank owned by West Ham chairman BG
has been nationalised. I am not an economist and can only guess at what
implications this has for our beloved club. And my guess is that the
implications are far from positive. If anyone knows anything about BG's
financial structures and would like to enlighten the rest of us, please feel
free to leave a comment.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Behrami loving his family time with the Hammers - Daily Mail
By Sportsmail Reporter
Last updated at 11:13 AM on 07th October 2008
West Ham star Valon Behrami is enjoying life at Upton Park following his
summer switch from Lazio. The Swiss international said: 'It is like a family
here. We work very hard in the same way, that is important for me. 'Every
day I wake up I am happy to go into training.' The Swiss defender has been
called up national team coach Ottmar Hitzfeld to play Latvia before making
visiting Greece.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
HAMMERS TALK: Indian billionaire linked with Irons bid - Echo
10:49am Tuesday 7th October 2008
INDIAN billionaire Anil Ambani is reportedly considering a bid to buy West
Ham United. The 49-year-old communications and energy tycoon arrived in
London at the weekend amid speculation that he could make a £150million
offer for the Hammers. Ambani has previously been linked with offers for
Newcastle United, Everton and Liverpool but has now reportedly set his
sights on a London club. With Tottenham considered over-priced at
£500million, the world's sixth-richest man - with an estimated £20billion
fortune - is understood to be keen on the Irons. With the worldwide
financial crisis causing the collapse of sponsors XL and Sheffield United's
£30million compensation claim hanging over Upton Park, current owner
Icelandic banking billionaire Bjorgolfur Gudmundsson, may be tempted to sell
the club he bought for £85million in November 2006. However, a club source
told our sister paper the Echo that Gudmundsson - whose banks and companies
invested more than £100million in XL - is "committed" to remaining at the
Boleyn Ground. Meanwhile, the Irons are still in discussions with a number
of companies with a view to becoming the club's new shirt sponsor. However,
it is unclear whether a deal will be struck in time for a new logo to be
emblazoned on the Hammers' jerseys for the Premier League trip to in-form
Hull City on October 19.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Hammers Hit By Cash Crisis - The Sun
Published: Today
WEST HAM were plunged into a new financial crisis today after the bank of
owner Bjorgolfur Gudmundsson was put into receivership in Iceland. It was
announced this morning that a government body had dismissed the board of
directors of Landsbanki - the bank with which Gudmundsson made his fortune
as major shareholder and chairman. The likelihood now is that the bank will
be nationalised after Iceland's Financial Supervisory Authority replaced the
board with its own people. Gudmundsson owns around 40 per cent of Landsbanki
with his son and faces losing his personal fortune. The Hammers are
presently fighting off a £30million claim from Sheffield United over the
Carlos Tevez affair and this latest blow could mark the end of the
Gudmundsson era. With several foreign investors already looking at both
Newcastle and Tottenham but being put off by asking prices of up to
£400-£500m, West Ham could become a viable alternative. Gudmundsson was the
main investor in a consortium that took control at Upton Park in November
2006. The £85m buyout also saw him take responsibility for the Hammers'
£22.5m debts. In his turbulent two-year period in control, the club has
parted company with two managers, Alan Pardew and Alan Curbishley, and been
fined a world record £5.5m for misleading the Premier League over Carlos
Tevez's registration, Icelandic biscuit magnate Eggert Magnusson, installed
as chairman at the time of the takeover, sold up his stake and left Upton
Park last year. And within last month an independent tribunal ruled that
West Ham are liable to pay up to £30m compensation to Sheffield United.
The Blades are claiming compensation for being relegated in 2006, claiming
that West Ham should have been deducted points over the Tevez action and
relegated in their place.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
'BIG' billionaire considering Hammers bid? - Echo
10:14am Tuesday 7th October 2008
By Rob Pritchard »
INDIAN billionaire Anil Ambani is reportedly considering a bid to buy West
Ham United. The 49-year-old communications and energy tycoon arrived in
London at the weekend amid speculation that he could make a £150million
offer for the Hammers. Ambani, who hails from Mumbai and has the nickname
"BIG", has previously been linked with offers for Newcastle United, Everton
and Liverpool but has now reportedly set his sights on a London club. With
Tottenham Hotspur considered over-priced at £500million, the world's
sixth-richest man - with an estimated £20billion fortune - is understood to
be keen on the Irons. With the worldwide financial crisis causing Icelandic
bank Landsbanki - of which current owner Icelandic banking billionaire
Bjorgolfur Gudmundsson is chairman - to be nationalised, the collapse of
sponsors XL and Sheffield United's £30million compensation claim hanging
over Upton Park, Gudmundsson may be tempted to sell the club he bought for
£85million in November 2006. However, a club source told the Echo that
Gudmundsson - whose banks and companies invested more than £100million in XL
- is "committed" to remaining at the Boleyn Ground. Meanwhile, the Irons are
still in discussions with a number of companies with a view to becoming the
club's new shirt sponsor. However, it is unclear whether a deal will be
struck in time for a new logo to be emblazoned on the Hammers' jerseys for
the Premier League trip to in-form Hull City on October 19.
Tonight, Alex Dyer's reserve team head for Fulham's Motspur Park training
ground to take on the Cottagers (7pm kick-off). Teenagers Marek Stech,
Junior Stanislas and Freddie Sears - who scored all four goals in last
week's 4-3 win over West Bromwich Albion - will be joined in the starting
line-up by Hungarian striker Balint Bajner, while Benfleet-based left-back
Jordan Brown could also be involved. Defender James Collins, who is
continuing his recovery from a long-term knee ligament injury, is also set
to start. While West Ham have won one and lost the other of their two
Barclays Premier Reserve League matches to sit fifth, Fulham have lost two
and drawn one, leaving them bottom of the nine-team table. Last season's
respective fixture ended in a 1-1 draw. Admission tonight is £3 for adults
and £1 for concessions.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Posts
