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Cash squeeze on Hammers boss Zola after Upton Park takeover
Published : 09 Jun 2009 02:31:16
West Ham's stormy Bjorgolfur Gudmundsson era ended when the club's financially crippled chairman was forced to hand control of the club to his creditors. Gudmundsson took over the Hammers in November 2006, releasing his excitable frontman Eggert Magnusson to promise fans Champions League football and a 60,000-capacity stadium. Long before these developments, the grand plan was in tatters. Based entirely on borrowed cash, it was destroyed by last year's Icelandic cash crisis. West Ham's new majority owners are Straumur-Burdaras, the investment bank from which Gudmundsson borrowed most of the money to fund the project.