West Ham Close to Going Under
West Ham United's holding company Hansa has begun the process of going into administration. Vice-chairman Asgeir Fridgeirsson says that Hansa has 'started the process of administration' but claims that it would have no day-to-day impact on West Ham.
According to Sky although Hansa are the club's holding company, West Ham United Holdings Ltd and West Ham United plc all have a stake in the Hammers.
"West Ham United plc are recognised as the member organisation by the Premier League, meaning that the possibility of a sporting sanction against the team would not be considered due to the financial issues of the holding company."
Fridgeirsson says, "It is not affecting the operation of West Ham, there is no debt within West Ham from Hansa or vice-versa. However it seems that this latest development in West Ham chairman Bjorgolfur Gudmundsson's finances means that he will be even more desparate to sell the club.
Let's hope he can find a buyer before Christmas, other wise there could be a fire sale in January.
posted by Keir Clarke @ 11:12 AM
1 comments
1 Comments:
I doubt if a buyer will be found. West Ham are only solvent because BG put £30m into the company. The problem is that if that £30m came from one of BG's now bankrupt co's we could well find a claim is made to repatriate that £30m by the liquidators of wherever the money came from. And they would have the law on their side if that was the case. It is called inter-company funding and is illegal in virtually all respects unless it is for proper trading purposes. Would you buy a company where there are sorts of problems going to crawl out of the woodwork including Sheffield's compo claim?
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