Source: Telegraph
West Ham at risk of European ban over accounts and takeover
West Ham occupy the seventh and last European qualification place in the Premier League, which would earn them a place in the competition that replaces the Uefa Cup, but they risk being barred from the competition if they do not meet the licence demands [LNB]The club's failure to declare their accounts and doubts over their ultimate ownership are understood to have prevented completion of the licence application. [LNB] Related ArticlesWest Ham on cusp of EuropeFA look at Stoke troubleZola promises bright West Ham futureGianfranco Zola: Matthew Upson will inspire West Ham for Europe spotWest Ham look to European football as Stoke fall at homeFulham take quiet route to EuropeThe club missed the initial April 30 deadline for applications to be submitted to the joint Premier League/Football Association committee that administers the system on Uefa's behalf, and they have until the end of the month to satisfy the licence conditions. [LNB]West Ham manager Gianfranco Zola has maintained an enthusiastic pursuit of the European spot while other managers have questioned the competition's worth. [LNB]West Ham remain confident that they will meet Uefa's demands by the end of the season and say the issue is a technicality caused by the imminent change of ownership. [LNB]Icelandic bank Straumur is expected to take control at the end of the season. Straumur is a major creditor of Hansa, the holding company owned by club chairman Bjorgolfur Gudmundsson, that went into administration last year. [LNB]Uefa requires clubs to meet a series of financial, legal and administrative conditions before they are admitted to its competitions. Among them is that clubs declare audited accounts. West Ham's accounts are yet to be signed off by the banks. [LNB]Uefa also requires clubs to provide future financial forecasts as evidence that the club is a going concern, and with the ownership situation fluid, West Ham have been unable to provide certainty. [LNB]Straumur is unlikely to act to seal its takeover of the club until the season is over and club sources stress that they will provide the necessary guarantees to Uefa once that happens. [LNB]Sources close to Straumur have told The Daily Telegraph that they consider the club to be a significantly under-valued asset, and will attempt to retain ownership until the markets return and it gains in value. [LNB]Uncertainty over the club's future since the Icelandic economy collapsed have been a significant distraction for Zola at Upton Park this season and the club is likely to have to be self-financing going forward. To that end the Europa League would be a welcome source of income. [LNB]
