20 Apr 2009Bank consortium on the shortlist to take over West Ham

Football Finance News | Football Referees, Players, Managers and Media

A bank consortium could take over the reins at West Ham, as current owner and chairman Bjorgolfur Gudmundsson is to be forced to step down from his duties.

Gudmundsson bought the Upton Park outfit three years ago for £85 million, with much of the money for the deal being provided by Straumur-Burdaras.

The company was previously considered to be Iceland's biggest investment bank, but was recently declared to be financially insolvent and in turn was nationalised by the Icelandic government.

Despite Gudmundsson putting West Ham up for sale, no offers have yet been made, with the likely outcome being that the London club are seized by Straumur's creditors, although this is not certain.

Indeed, the club are currently exploring a number of avenues to resolve the problem, with another option being finding new bidders.

These developments will mean that manager Gianfranco Zola will find himself short of funds to strengthen his squad in the upcoming close season.

Instead, he will be forced to sell players in order to bring new talent in, with the club helping by creating a budget from money generated.

West Ham currently sit in seventh position in the English Premier League after drawing 1-1 away at Aston Villa on Saturday.

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