Post by QPR Report on Dec 17, 2008 17:45:27 GMT
Soccernet - WEST HAM CASH CRISIS
West Ham in talks with five potential buyers
West Ham United have opened the door to five potential buyers who are looking to take the club over from current owner Bjorgolfur Gudmundsson.
The 67-year-old financier has been hit hard by the current economic climate and particularly by the collapse of Icelandic bank Landsbanki, of which he was both chairman and a major shareholder.
It emerged on Wednesday that while Gudmundsson has yet to make a final decision about selling the club, he has given permission for non-disclosure agreements to be signed with up to five potential buyers.
The agreements, which are binding in law, allow interested parties to look at confidential financial information about the club on the condition they do not disclose it. Crucially the agreements fall short of due diligence, which gives prospective buyers full access to the club's accounts.
Court documents in Iceland filed by Gudmundsson's holding company Hansa show that he values West Ham at £250million, an asking price which has put off some suitors.
Hansa has gone into voluntary liquidation and Gudmundsson is in talks with the Icelandic government and banks about how to restructure his assets, including West Ham.
Last month Asgeir Fridgeirsson, West Ham's vice-chairman, confirmed that Gudmundsson was considering selling, saying: ''West Ham is one of Hansa's properties and the owner is looking at all chances regarding a sale.''
Gudmundsson bought West Ham in November 2006 for £85 million and has since invested a further £30 million in the club.
West Ham also have a potential £30-50 million compensation payout to Sheffield United hanging over them as a consequence of the Carlos Tevez affair.
soccernet.espn.go.com/news/story?id=603120&&cc=5901
West Ham in talks with five potential buyers
West Ham United have opened the door to five potential buyers who are looking to take the club over from current owner Bjorgolfur Gudmundsson.
The 67-year-old financier has been hit hard by the current economic climate and particularly by the collapse of Icelandic bank Landsbanki, of which he was both chairman and a major shareholder.
It emerged on Wednesday that while Gudmundsson has yet to make a final decision about selling the club, he has given permission for non-disclosure agreements to be signed with up to five potential buyers.
The agreements, which are binding in law, allow interested parties to look at confidential financial information about the club on the condition they do not disclose it. Crucially the agreements fall short of due diligence, which gives prospective buyers full access to the club's accounts.
Court documents in Iceland filed by Gudmundsson's holding company Hansa show that he values West Ham at £250million, an asking price which has put off some suitors.
Hansa has gone into voluntary liquidation and Gudmundsson is in talks with the Icelandic government and banks about how to restructure his assets, including West Ham.
Last month Asgeir Fridgeirsson, West Ham's vice-chairman, confirmed that Gudmundsson was considering selling, saying: ''West Ham is one of Hansa's properties and the owner is looking at all chances regarding a sale.''
Gudmundsson bought West Ham in November 2006 for £85 million and has since invested a further £30 million in the club.
West Ham also have a potential £30-50 million compensation payout to Sheffield United hanging over them as a consequence of the Carlos Tevez affair.
soccernet.espn.go.com/news/story?id=603120&&cc=5901