Several Banks Set To Assume Control Of EPL Club West Ham United
EPL club West Ham United "will be taken over by a consortium of international banks in the coming weeks," according to Matt Scott of the Manchester GUARDIAN. Icelandic government-appointed officials running the "stricken investment bank Straumur are set to take control" of West Ham from Owner Björgólfur Guðmundsson, as the bank "provided the bulk of the finance" for Guðmundsson's acquisition of the club in '06. The U.K.'s Financial Services Authority last month ruled Straumur was "effectively insolvent." Scott notes West Ham fans "looking for reassurance over the future of the club will find no comfort in the latest development." While the club remains for sale, prospective owners reportedly are being "patient as they look to achieve a big price" for the club. That means the "consortium of about a half dozen banks ... expect to remain in charge of West Ham next season and probably well in to 2011." Though Guðmundsson is "set to relinquish control, there will be no fresh investment" for the club to acquire players, and "any summer spending will have to come from cash generated by sales" (Manchester GUARDIAN, 4/17).
FULHAM POSTS LOSS: EPL club Fulham Thursday posted losses of $11.13M (all figures US) during the last FY, down from $22.55M in the previous year. Meanwhile, "higher gates receipts" of $14.1M, up from $12.9M, helped the team post a 35% increase in revenue, though the club's player payroll also increased by 17% last year (GUARDIAN.co.uk, 4/16).
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