West Ham, First Big Team To Go Bust???

[Sharpys top lip]

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

That is really bad news, think theirs going to be a few more badley ran clubs to follow. The Credit Crunch is going to bite.

 

[Bruce Wayne]

West Ham were struggling financially before this summer, and since then their shirt sponsor have gone bust and their owners business now also. Could get pretty messy.

 

[coyney]

West Ham were struggling financially before this summer, and since then their shirt sponsor have gone bust and their owners business now also. Could get pretty messy.

with the compensation claim from Sheffield united as well it does not look good.

 

[TX Bill]

If I could buy one to two year put options on football clubs, I'd do it in a heartbeat.

The music is about to stop.

Better hope Everton still have a chair.

 

[The Esk]

The most likely scenario in my opinion is that at some point this season West Ham will be sold to a new owner - although loss-making WHU do not currently need additional funding.

The same can not be said for their major shareholders!