Source: SKY_Sports
Gudmundsson reveals debt woe
West Ham chairman Bjorgolfur Gudmundsson has personal liabilities of £301million, it has been revealed.[LNB] The staggering debt is set to increase pressure on the Icelandic businessmen to sell his stake in the Hammers this summer.[LNB]Gudmundsson admits his situation has deteriorated at an alarming rate during the ongoing global credit crunch, and he is now facing the prospect of financial ruin.[LNB]Creditors are keen to help as much as possible, but that means finding a suitable buyer for his share in West Ham.[LNB]Talks have been opened with Icelandic back Straumur, but they too are currently experiencing monetary difficulties.[LNB]"The situation is very bad. I have everything on the line - personal liability extends to all of my assets," Gudmundsson told Morgunbladid.[LNB]"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]
