Banks to Take Over West Ham

Iain Dale broke this story on his West Ham Till I Die blog a week ago now. It seems that the mainstream press have just woken up to the story.

The Guardian says that West Ham will soon be taken over by a consortium of international banks. Icelandic government-appointed officials running the stricken investment bank Straumur are set to take control as they seek to recover the money lost in the collapse of that nation's economy. The paper says that the banks will form a new board, with Gudmundsson making way.

The Guardian believe that there will be no fresh investment for Gianfranco Zola to buy players and any summer spending will have to come from cash generated by sales. They claim there is also likely to be pressure on the club to make further cut backs.

Iain Dale's source said that a sale of the club was unlikely within the next 18–24 months and that Straumur creditors were happy to continue to operate the club whilst they look for the best price.