West Ham Owner Guðmundsson Considering Sale As Losses Mount
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West Ham Owner Guðmundsson Reviewing
Assets Due To Perils Of Icelandic Economy |
English Premier League (EPL) club West Ham United "could finally be put up for sale by its beleaguered owner Björgólfur Guðmundsson after the Icelandic billionaire ordered an immediate review of all his assets following the crisis that has decimated his country's economy," according to Jason Burt of the London INDEPENDENT. Guðmundsson in the past had been "adamant that he does not intend to sell West Ham." He has said that the club is the "last of the assets he would want to part with, but he could be persuaded by his advisers that a sale, if the right price is offered, represents the best option for him." Still, "no decision has been made" as to whether Guðmundsson will sell the club. West Ham has debts of US$63.3M and Guðmundsson "will hope to realise up to [US$237.2M] if he sells given the club's good revenue streams, guaranteed television income and its location in London." But Burt notes any buyer "would also want to factor in the potential costs of the Carlos Tevez case which could result in millions being paid to Sheffield United who are demanding upwards of" US$47.4M (London INDEPENDENT, 11/7). In London, Jeremy Wilson reports Guðmundsson lost an estimated US$363.7M following the nationalization of Landsbanki, the Iceland-based bank for which Guðmundsson was Chair, and this week one of his companies, Samson Holdings, "filed for administration." But West Ham Vice Chair Asgeir Fridgeirsson said, "If you give a call to the owners of all clubs, [60-80%] would be considering their stance in the present climate" (London TELEGRAPH, 11/7).
NEW KIT: In London, Gary Jacob reports West Ham is "close to agreeing" to a shirt-sponsorship deal with betting company SBOBet. SBOBet would replace former shirt sponsor XL Leisure Group, which went out of business in September "little more than 12 months into a three-year deal" worth about US$4M. The 18-month deal with SBOBet would be worth closer to US$3M, "reflecting the depressed state of the sponsorship market." Jacob notes a contract "may be signed as early as next week." West Ham "had intended to bear the name of the Bobby Moore Fund, a cancer charity, but were denied permission by the FA" (LONDON TIMES, 11/7).
FOOTBALL DIPLOMACY: ESPN SOCCERNET's Chris Murphy reported West Ham has offered President-elect Barack Obama an "open invitation" to visit Upton Park. Obama is "already a fan after being taken to a match by family members in 2003." West Ham has "sent him a message of congratulation and an invitation to renew acquaintances with the Hammers on his first visit to Britain" (ESPNSOCCERNET.com, 11/6).
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