Are West Ham Close to Financial Ruin

The Telegraph say that the resignations of Mike Lee and Gudmundur Oddsson from their directorships with West Ham football club,

"were partially fuelled by the uncertainty surrounding owner Bjorgolfur Gudmundsson's financial position and the potential impact on fellow directors.

If, for example, the club became responsible for any debt relating to the holding company or could not provide any required investment, all of the directors could have responsibility and potential personal liability. "

In other words, according to The Telegraph, Lee and Oddson have resigned to avoid personal liability should West Ham go bankrupt.

On the other hand Scott Duxbury has issued a statement saying that,

"West Ham United would like to assure all supporters that the club is financially sound and running as normal."

So that's all right then.