EXCLUSIVE- West Ham shiver over Icelandic court hearing
28 Feb 2009 - 22:52:01
West Ham
face a vital day in the Icelandic courts this week, when a judge could force owner Bjorgolfur Gudmundsson to sell the club within weeks for a knockdown price, potentially plunging them into chaos.
Gudmundsson is hoping judges grant him an order to extend a moratorium which currently restricts banks from attempting to seize his assets.
Court date: West Ham United chairman Bjorgolfur Gudmundsson
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If the decision goes against him, the club could end up being run by a consortium of banks, who would attempt to sell the club as quickly as possible.
West Ham are confident that the decision will go their way, as the best way of maximising the price of the club is to allow the current sale process to continue until the end of the season.
Friday's judgment relates. to West Ham's holding company, Hansa, which was granted the moratorium in November.
One bank, MP Bank, has objected to the initial ruling and several commentators have noted that the £250million price Hansa have placed on West Ham is unrealistic in the current economic climate.
West Ham
have confirmed they have several interested parties in buying the club but none has yet moved towards finalising a deal. Sheffield United's £45.5m compensation claim for their relegation in 2007, after West Ham fielded an ineligible player in Carlos Tevez, is also hanging over the club and making a sale more difficult.
