Hammers deny fire sale claims

Zola under no pressure to sell players

Last updated: 19th November 2008   Subscribe to RSS Feed

Hammers deny fire sale claims

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West Ham have assured boss Gianfranco Zola he will not have to sell his top stars in the January transfer window despite another of the club's main shareholding companies heading into administration.

However, the Upton Park outfit still cannot guarantee that Icelandic chairman Bjorgolfur Gudmundsson will not sell up in the near future.

Vice-chairman Asgeir Fridgeirsson admitted that West Ham is now one of Gudmundsson's main remaining assets after he lost an estimated £230million of his personal fortune through the collapse of Landsbanki and then suffered a further blow when Samson Holdings, another company he owns, also filed for administration.

West Ham are reportedly valued at £150million and are said to be attracting plenty of interest from prospective buyers.

And now there is further doubt over the club's future with the news that a third company, Hansa - who have a considerable stake in West Ham - have begun a similar administration process.

But Fridgeirsson insists the chairman believes there are still plenty of assets available to keep West Ham going for the rest of the year - even though the latest development, while having no day-to-day impact on the club, is "limiting his options".

Well funded

"West Ham is well funded for the remainder of the year and I am convinced the club will go on, no matter what," said Fridgeirsson.

"We are not going to sell players to settle (the) debts of Hansa."

Fridgeirsson issued a reminder that Gudmundsson has invested heavily in the club since he took over from former chairman Terrence Brown two years ago - when, at first, he put fellow consortium member Eggert Magnusson in charge but later adopted a more hands-on approach and assumed the chairmanship.

"He put £30million into the club last year, it is not a loan like some owners of clubs," added Fridgeirsson.

"It was paid in as equity. It is not affecting the operation of West Ham and there is no debt within West Ham from Hansa or vice-versa.

"There is no money going from the club to the owner. It is fire-walled. The operation will go on - it is unaffected by this development."