Icelanders in £250m West Ham sale talks

Officials at Upton Park also revealed today that takeover talks are under way with more than five potential investors.

The future ownership of the Hammers has been in doubt since October when Icelandic billionaire Gudmundsson emerged as a high-profile victim of the credit crunch.

The club's vice-chairman, Asgeir Fridgeirsson, confirmed contact has since been made with several interested parties but insisted a sale is still only one of the options under consideration.

Court papers filed this week in Iceland show that Hansa, the club's holding company, wants around £250m which, if achieved, would be more than double the £108m (including debt) which Gudmundsson spent on buying the Hammers in November 2006.

City sources, however, believe a more achievable overall valuation of the club is in the region of £100m to £150m.

Fridgeirsson said "We are reviewing the asset and looking at what might be the value of the club. There is a great interest in West Ham and many parties are calling to show interest.

"It is part of reviewing the assets of Mr Gudmundsson and what might be the possible value of each asset. Following such a review we will take a decision whether to sell or not.

"We don't have to sell the club. It's a process where we are gathering options and information to see what is out there in terms of demand."

One potential stumbling block to the sale could be Sheffield United's outstanding claim for more than £30m in damages over the Carlos Tevez affair. However, any potential pay-out could be factored into the cost of a takeover deal.

Gudmundsson reportedly lost an estimated £230m following the October nationalisation of Landsbanki, in which he held a 41 per cent stake.
Other companies in which he has involvement, including Hansa, have also gone into administration.

Given the financial uncertainty at Upton Park, there has also been talk of an exodus of star players.

Captain Lucas Neill today insisted he has been assured of his future at the club beyond the January transfer window by manager Gianfranco Zola.

The defender also dismissed as "untrue" reports that he had demanded a pay rise.

Neill, who reportedly earns £70,000 on a contract which runs out in the summer, said: "My reaction to hearing the story [about the pay rise] was to laugh it off because it was clearly untrue but for 40,000 West Ham fans that may not have been the case so I wanted to make that clear.

"Among the players, no one is talking about leaving or anything like that. I have been assured by the manager that he wants me to stay at the club.

"I can't speak for other players but that is what I have been told."