As the world financial crisis worsens its effect on sport is being seen more and more. As Iceland in effect moves to national bankruptcy, it has big potential effects on West Ham. Bjorgolfur Gudmundsson, the CEO of Landsbanki, Iceland’s second largest bank, is West Ham’s owner. As the bank was taken over by the Icelandic government it presents a number of questions for the club.
Sadly it seems to be that the first action will be to sell 8 of the senior players to curb the wage bill. It is also thought that a number of investors will look to buy the club off Gudmundsson to help him recoup his losses. But throw into the mix that West Ham might also have to pay more than £30 million to Sheffield United as the Carlos Tevez case rumbles on.
There isn’t plenty of money at the moment and some clubs could struggle because of it.