Gudmundsson: Committed to West Ham

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West Ham have insisted that the position of Landsbanki bank has 'absolutely no effect' on the club.

Concerns have been raised over Bjorgolfur Gudmundsson's ownership of the club due to his involvement with Icelandic bank Landsbanki.

Landsbanki has now been placed into receivership but West Ham chief executive officer Scott Duxbury has played down worries over the club's financial security.

"The position of Landsbanki has absolutely no effect on West Ham United and Mr Gudmundsson's ownership of the club," Duxbury said in a statement on the club's official website.

"Mr Gudmundsson is an investor with a large portfolio, of which Landsbanki was just part. He remains as committed as ever to West Ham United and is not looking to sell the club.

"As has previously been stated, Mr Gudmundsson has invested £40million net in the playing squad to create a squad capable of challenging in the top half of the Premier League."

West Ham vice-chairman Asgeir Fridgeirsson announced earlier on Tuesday that no more funding will be made available to manager Gianfranco Zola for the foreseeable future.

And Duxbury has claimed that Zola is looking to trim his squad anyway to make it a more sensible size.

He explained: "Since his appointment, Gianfranco Zola has made it quite clear that his first-team squad is too large and needs to be reduced so he can effectively coach the team.

"Once this has happened and if the manager requires further players, then the club will acquire them.

"Mr Gudmundsson remains fully committed to the success of this football club and building on the excellent start made by Gianfranco Zola."