Filed: Wednesday, 17th December 2008
By: Staff Writer
Bjorgolfur Gudmundsson has relunctantly placed West Ham United FC is up for sale.
Gudmundsson has been forced to put the club up for sale after it was agreed that freshly-bankrupt Hansa, the company that owns West Ham Holdings (the football club's holding company) had been granted an extended moratorium until March in order to arrange the sale of West Ham, it's most valuable asset.
A court hearing in Reykjavik on Monday granted Hansa until March 6th to find a buyer for the club, which is set to change hands for the second time in three years. The hearing valued the club at between £120-£150million - a huge increase on the £85million Gudmundsson paid for the club in November 2006.
One party thought to have made their interest known already is a consortium of British-based businessmen. It is understood that they are in the process of discussing a possible sale fee with Gudmundsson whilst also negotiating a settlement fee with Sheffield United with regard to their compensation claim over the Carlos Tevez case. However another Asian-based consortium are also thought to be monitoring the situation.
News of the impending sale could result in a block on the club selling any player considered to be vital to the club's future - meaning that the likes of Rob Green, Matthew Upson and Scott Parker would not be sold. However some of the fringe players could well be on their way, as originally planned - as well as those considered non-essential by Gianfranco Zola, whose own position could be under threat just three months after he took the job.
Also under threat would be the likes of CEO Scott Duxbury, technical director Gianluca Nani and the remainder of the current board.
We'll have more for you on this as it happens.
Magnusson - I'll never understand how West Ham lost Tevez case [12th Dec 2016]
Brady forced to explain 'culture shift' comment [5th Oct 2016]
Former owner facing fraud charge [13th Oct 2014]
Duxbury on Tevez: 'we did absolutely nothing wrong' [26th Aug 2014]
Brown shells out [5th Nov 2013]
Sullivan: we should have owned West Ham years ago [27th Aug 2013]
Fernandes: twice smitten [20th Sep 2011]
Gudjohnsen: third time unlucky [16th Jul 2011]
West Ham to sign 'five or six' [9th May 2010]
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11:51PM 31st Dec 2008
''Yeah, born claret and blue always will be. I would like to see a change in the team in ways, Gianfranco Zola says there will be changes, I also think there will. I have faith in Zola. ''
03:20PM 18th Dec 2008
''I have mixed emotions about the sale of the club. I can understand everyone's frustrations of not moving forward as quickly as everyone hoped we would - but we have to remember that we are a small club, always have been. Yes, we have a very strong fan base and I believe we are the most loyal fans in the world. You can call me old fashioned (I'm not that old I promise) but when I was a kid standing on the old south bank I didn't care who owned the club - all I cared about was the game.
Where has all that emotion gone? Where is the passion for the game? We have to remember the chairman put a lot of money into this club, and like many other people he has lost a lot of money in the credit crunch. So let's not moan about lack of money and selling players, let's get behind the team and remind everyone just how great West Ham supporters are.
I would support West Ham no matter what division they were playing even if we find ourselves playing over Hackney Marshes. LETS NOT FORGET WHAT IT MEANS TO BE A HAMMER! ''
04:12AM 18th Dec 2008
''Bring on the mid-east oil investors!''
01:19AM 18th Dec 2008
''If (and when) West Ham do get sold, I just hope it's to someone who has West Ham's best interests at heart. I don't care about hyper-rich oil barons who know nothing about English football. I just want to see someone who recognises the local talent this club has always nurtured and not squander it. It still hurts me to see the cream of West Ham now playing for Chelsea and Manchester Utd.
We were almost there and we blew it because of poor boardroom management (Brown, Duxbury et al). I don't want to see that happen again!''
by Tell it how it is Charley
08:00PM 17th Dec 2008
''Surely Brown & Cearns were right in their business approach that a football club has to be run for profit just like any other PLC. We have KUMB arguing that players sold receipts outweighs expenditure spent but how long can any football club survive making massive losses especially in this climate? Look what happend to Leeds. West Ham fans need to realise that the football club is a business not a charity
Surely this Premier League is just another capitalist bubble waiting to burst, where all clubs will eventually succumb to their massive debts. Surely the clubs that have a prosperous long term future are those that have a financially prudent board. Surely now whoever takes over this club should make sure that West Ham's interests come first before the players or agents. Agents & players take all the revenues; WHUFC PLC receives little for being in the Premier League. Some of this huge TV revenue should be reinvested either to build a new east stand or a new stadium.
Tottenham and Arsenal are probably the only two prudent clubs in the Premiership. Arsenal have quietly gone about things, invested in a new stadium, not splashed out too much on transfers. This should have a long term positive effect; I just hope West Ham take note.''
07:13PM 17th Dec 2008
''If they find a buyer, it can only be good news if we finally get rid of Duxbury and others. Can't be worse anyway. ''
by Dave Hall
02:59PM 17th Dec 2008
''If there is a takeover I agree with you that Duxbury could go, and hopefully he will. But I don't see Nani's job in danger, he is essential to the club.''
12:47PM 17th Dec 2008
''They say better the devil you know, but after the opportunities squandered during the Brown years and the total mismanagement under Eggy/BG, surely the only way is up from here?''