Monday, April 20

We're just a team of bankers?

Friday’s Guardian announced “Bank consortium to take over West Ham”. Mr Gudmundsson borrowed the dosh to take over West Ham from the Icelandic bank Straumur, itself now effectively insolvent and nationalized by the Icelandic government.

A consortium of a dozen banks nominated by 40 institutions – Straumur’s creditors — was said by the Guardian ‘s Matt Scott to be ready to take control at West Ham until 2011. Only today the BBC claims the deal is not certain and that investors from the Middle East are also interested in any old Irons, as is Daley Import-Export Enterprises Plc.

If it happens, it all seems rather an unwieldy structure to take over a football club, although apparently Zola’s position is safe if the bankers move in, although there will be no money for new players unless we sell.

All this a mere eight months after Gudmundson declared in the Wigan programme that West Ham is all about “progress through stability”. His investment of £85 million to buy the Hammers is now looking like a folly of Mark Goldberg-esque proportions. Perhaps the quids-in Terry Brown will now move in to rescue WHU?

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