Anil Ambani will try to buy West Ham on the cheap in January

Anil Ambani has put his efforts to buy West Ham on hold as the financial crisis takes a heavy toll on the Hammers.

Sunday Mirror Sport revealed last week that the Indian tycoon, the sixth richest man in the world, was poised to make a £150million bid for the club.

But Ambani has instructed his financial advisers to delay making an immediate move.

He now believes he could snap up the Hammers for half that amount - and could wait until the New Year to make a move.

West Ham's majority shareholder, Bjorgolfur Gudmundsson, is in financial meltdown.

A source close to Ambani said: "He is in no immediate rush to make a move for West Ham given their present financial plight. As things stand he believes the club is overpriced and will eventually be forced to sell for a great deal less than the current asking price."

Gudmundsson's financial problems continue to increase. The club could face a £30m bill over Sheffield United's claim relating to the Carlos Tevez affair.

And supporters fear a fire sale of players when the January transfer window opens to stave off crippling debts.

Gudmundsson, 66, is also a majority shareholder in Iceland's second biggest bank, Landsbanki.

He was removed as chairman when it went into receivership last week.

Meanwhile, manager Gianfranco Zola insists he will turn to the next generation of rising stars to save the club.

"I believe every club should have a strong youth foundation," said the Italian.

"One of my main aspirations when I came here to be manager was that this is what I want at the club. I believe very strongly that there should always be a possibility of allowing young players to come through the first team.

"I know there are some good young players here at the club and that the academy here has produced many top players over the years.

"So for me, it's definitely one of my ideas, my dream of giving the chance to our young players to play in our first team and become wonderful players for this club. It is part of the project I have taken on here as manager."