Source: Eurosport
Gudmundsson: My situation 'very bad'
Pressure for West Ham to be sold in the summer is set to increase after the club's Icelandic chairman Bjorgolfur Gudmundsson's personal liabilities were revealed to be a staggering £301million.[LNB] Gudmundsson has admitted he does not even know if he will be able to keep his house in Reykjavik as the full extent of his financial collapse became apparent.[LNB] Gudmundsson told Icelandic newspaper Morgunbladid: "The situation is very bad. I have everything on the line - personal liability extends to all of my assets."[LNB] A consortium of creditors led by Icelandic bank Straumur - which is itself in financial difficulties - are in talks about taking over West Ham, though control may end up in the hands of an asset management company appointed by the Icelandic government.[LNB] Whoever ends up in control, Gudmundsson's situation is so bad that his creditors are understood to be keen to cash in on one of his few remaining assets - all that is needed is someone to make a reasonable offer for the club.[LNB] Gudmundsson added: "I'm left with the question, what is my position? I must admit that I'm a little lost."[LNB] Asked whether he would even lose his palatial home in Reykjavik, Gudmundsson replied: "I just don't know what I will be able to keep."[LNB] Straumur have also launched bankruptcy proceedings against Magnus Thorsteinsson, a long-term business partner of Gudmundsson.[LNB] Meanwhile, West Ham insiders say they are wholly confident of meeting the conditions required to receive a UEFA Club licence - needed if they qualify for the Europa League - and will submit the necessary accounts to the Premier League and FA before the May 31 deadline.
