West Ham faces financial uncertainty as Icelandic bank Landsbanki is seized
Published 12:19 07/10/08 By By Chris Wilson
Following the collapse of their shirt sponsor XL Leisure Group last month, West Ham could be in further financial trouble as Icelandic bank Landsbanki falters.
The Landsbanki chairman and a large shareholder in the bank is Bjorgolfur Gudmundsson, the owner of West Ham, and this morning the Icelandic government seized control of the bank as it sought to avert a financial meltdown.
Despite reports that Gudmundsson will now struggle to fund the club's January transfers, West Ham vice-chairman Asgeir Fridgeirsson says fans shouldn't worry.
"It is of course a blow for him (Gudmundsson) and his financial strength but he has numerous other investments which are doing well at the moment, so there is no reason to fear that he will not fulfil his commitments to West Ham United," Fridgeirsson told Sky Sports.
"I don't think there is any reason to be too pessimistic. West Ham is a well run company.
"It is run in an efficient manner and the company itself is servicing its debts and in doing so it has been able to progress in developing the infrastructure. There is no reason for the fans to worry in any way about things on the pitch."
