Friday, March 06, 2009

West Ham's Day in Court

A court in Iceland today will decide if West Ham's owner will be given more time to sell the club. The club's holding company Hansa are asking for another three months before they have to pay off creditors. If agreed that will give Gudmundsson around 90 days to find a new buyer for West Ham.

West Ham is believed to have signed five non-disclosure agreements with interested buyers but none has yet progressed to full due diligence. The problem for Gudmundsson, even if he gets another three months leeway is that prospective buyers know he will have to drop the price as the deadline approaches.

Asgeir Fridgeirsson, West Ham's vice-chairman, says that the court hearing will have no impact on the club.

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