Gudmundsson: My situation 'very bad'

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Gudmundsson has admitted he does not even know if he will be able to keep his house in Reykjavik as the full extent of his financial collapse became apparent.

Gudmundsson told Icelandic newspaper Morgunbladid: "The situation is very bad. I have everything on the line - personal liability extends to all of my assets."

A consortium of creditors led by Icelandic bank Straumur - which is itself in financial difficulties - are in talks about taking over West Ham, though control may end up in the hands of an asset management company appointed by the Icelandic government.

Whoever ends up in control, Gudmundsson's situation is so bad that his creditors are understood to be keen to cash in on one of his few remaining assets - all that is needed is someone to make a reasonable offer for the club.

Gudmundsson added: "I'm left with the question, what is my position? I must admit that I'm a little lost."

Asked whether he would even lose his palatial home in Reykjavik, Gudmundsson replied: "I just don't know what I will be able to keep."

Straumur have also launched bankruptcy proceedings against Magnus Thorsteinsson, a long-term business partner of Gudmundsson.

Meanwhile, West Ham insiders say they are wholly confident of meeting the conditions required to receive a UEFA Club licence - needed if they qualify for the Europa League - and will submit the necessary accounts to the Premier League and FA before the May 31 deadline.