Financial worry for Hammers

Gudmundsson could lose personal fortune

Last updated: 7th October 2008

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Gudmundsson: Financial worries

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West Ham could find themselves in financial trouble after the bank of owner Bjorgolfur Gudmundsson was put into receivership.

It has been confirmed that a government body had dismissed the board of directors of Landsbanki bank in Gudmundsson's native Iceland.

The bank is now expected to be nationalised as the credit crunch takes effect in Iceland.

Gudmundsson, who took over as West Ham chairman in December 2007 from Eggert Magnusson, owns around 40 per cent of Landsbanki along with his son, and is now facing the prospect of losing much of his personal fortune.

The news will raise question marks over the future of Gudmundsson's ownership of West Ham and comes as a major blow with the club already contesting a multi-million financial claim from Sheffield United over the Carlos Tevez affair.