Source: Telegraph
West Ham look forward to stability granted by takeover deal
Club sources moved quickly on Wednesday to dispel fears that the economic plight of its owner Bjorgolfur Gudmundsson, who has admitted his personal liabilities are £301 million, would affect ongoing negotiations.[LNB]The Icelandic bank Straumur, and other creditors, are due to take control following the collapse of West Ham's holding company, Hansa, which is owned by Gudmundsson.[LNB] Related ArticlesWest Ham face Europe banWest Ham on cusp of EuropeFA look at Stoke troubleNew owners promise not to sell West Ham United for three yearsChelseas John Terry says West Ham fans abuse crossed the lineGianfranco Zola and Steve Clarke pen new West Ham contractsThe deal is at an extremely advanced stage with West Ham receiving guarantees that they will be allowed to continue as a self-financing entity. Straumur is expected to leave the club alone for the next three years as it waits for the worldwide economic situation to improve.[LNB]The change of ownership will have little impact on the day-to-day running of West Ham. Gudmundsson is expected to step down as chairman, and be replaced by a Straumur appointment, but chief executive Scott Duxbury will continue along with technical director Gianluca Nani and manager Gianfranco Zola, who has been fully briefed on developments.[LNB]West Ham also want the ownership issue to be concluded before they submit their accounts to a joint Premier League and Football Association committee to meet the demands of the Uefa club licence which is necessary to enter all Uefa competitions.[LNB]Sources also point out that although an initial deadline to submit documents of April 30 has been missed, potentially jeopardising their place in the Europa League should they qualify, it is not a final deadline – that is 31 May – and that other European associations also have far later deadlines.[LNB]Meanwhile Gudmundsson, talking about his personal finances, told Icelandic newspaper Morgunbladid: "The situation is very bad. I have everything on the line – personal liability extends to all of my assets. 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]
