West Ham have been rocked by the news that travel company XL went into administration today (September 12th).
The firm, whose logo appears on the Hammers' shirts, signed a three-year, £7.5 million sponsorship deal with the club back in February 2007.
However, West Ham have only received a third of that figure to date, meaning the collapse of the company could cost them a whopping £5 million.
In addition, chairman Bjorgolfur Gudmundsson is one of the guarantors on a 207 million euros bank loan which was given to XL on Wednesday.
A West Ham statement read: "XL Holidays remains the club's principal partner and we await further information from the administrator before ascertaining the impact of these events.
"We are of course saddened for the customers of XL Holidays that they have been affected and hope that a speedy and satisfactory solution is found."
West Ham, along with the company's other creditors, will now begin the search for another shirt sponsor as they wait to see what action is taken by administrator Kroll.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
