Source: SKY_Sports
Gudmundsson reveals debt woe
West Ham chairman Bjorgolfur Gudmundsson has personal liabilities of £301million, it has been revealed. The staggering debt is set to increase pressure on the Icelandic businessmen to sell his stake in the Hammers this summer.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.Creditors are keen to help as much as possible, but that means finding a suitable buyer for his share in West Ham.Talks have been opened with Icelandic back Straumur, but they too are currently experiencing monetary difficulties."The situation is very bad. I have everything on the line - personal liability extends to all of my assets," Gudmundsson told Morgunbladid."I'm left with the question, what is my position? I must admit that I'm a little lost."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."