Fresh Irons doubts
PUBLISHED: 16:42 20 November 2008 | UPDATED: 13:48 05 October 2010
WEST HAM S future has been plunged into new doubt this week after it emerged that the club s holding company Hansa is heading for administration. Hammers owner Bjorgolfur Gudmundsson (pictured) has been rocked by the credit crisis in Iceland, which is bel
WEST HAM'S future has been plunged into new doubt this week after it emerged that the club's holding company Hansa is heading for administration.
Hammers owner Bjorgolfur Gudmundsson (pictured) has been rocked by the credit crisis in Iceland, which is believed to have wiped out £230m of his personal fortune, and the latest crisis could increase the pressure on him to sell the club.
West Ham vice-chairman Asgeir Fridgeirsson confirmed that Hansa had "started the process of administration" but said there would be no day-to-day impact on the club.
"The issue has developed further," Fridgeirsson said. "We believe there are plenty of assets in the company to take care of all of the debt. It is likely that the company [Hansa] will be functioning.
"One of the main assets is West Ham - he is reviewing his options regarding his assets. This development is limiting his options."
Fridgeirsson is confident that West Ham will avoid sporting sanctions for going into administration because the club is registered with the Premier League under a different name.
Hansa is the club's holding company, but West Ham United Holdings Ltd and West Ham United plc all have a stake in the Hammers, with the latter recognised as the member organisation by the Premier League.