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West Ham taken over but future remains unclear
Ken Dyer08.06.09
West Ham's new owner CB Holding refused to make any promises about the long-term future of the club today as beleaguered businessman Bjorgolfur Gudmundsson was forced to step down as chairman.
Icelandic investment back Straumur is the majority shareholder in CB Holding and one of its senior directors, Andrew Bernhardt, will now run the club.
Georg Andersen, Straumur's head of corporate communications, claimed West Ham would have gone into bankruptcy in the next 24 hours if they had not completed the takeover today.
He said: “I am not going to bullshit anyone and say we are going to own the club forever. We honestly believe there is no buyer out there willing to pay the true value of the club at the moment. We are realisitic enough to know that we will have to hold to the club for some time — a couple of years, maybe even more — to do so.”
Straumur, who has itself hit financial problems in the global recession and is now run by the Icelandic Government, will insist that the club remain self-financing which means manager Gianfranco Zola will have to sell before he can buy.
Straumur is expected to hold on to the Premier League club for the forseeable future until the financial climate improves and then seek investors.
Bernhardt insisted that Zola would remain in his position and said: “I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting based on revenues generated by West Ham United.”
Reader views (9)
I disagree that the future of the club is secure because of this sale, as I suspect the new owners have rather more pressing matters to contend with before what to do with a football club bases in East London that is of no benefit to the Icelandic taxpayer.
More probable is that none of the potential buyers were willing to meet the previous owners asking price, which always look excessive, so Straumur have found themselves owning this asset with a view to offloading as soon as a decent offer arises, which I imagine it will sooner rather than later.
Financially, the club is sound enough and has been managed better than most Premier League clubs, so I don't anticipate too much change other than the offloading of deadwood etc, and a couple of new signings.
The aim should be to maximise the potential of West Ham whilst functioning within its means. The Premier League is heading for a financial train crash, and only those clubs with manageable debt ratios will come out still in the top flight.
- John Bloomfield, Twickenham
Until you two learn how to spell and raise a constructive argument rather than just throwing brash insults around, I'd suggest we West Ham fans (seeing as you're fans of generalisation) currently look a million times better than either of your clubs' lot.
- Stu, Beckton
Nc - you seem to be confusing West Ham fans with those of Chelsea, who have by far the biggest collection of 'ignorant, blinkered and thuggish' fans this side of Birmingham.
They're not the most blinkered though it has to be said, that honour clearly goes to Tottenham "We'll break into the Big Four this season" Hotspur.
As for this takeover - as with so many things West Ham recently, I guess your take on this depends on whether you're a glass half-full or half-empty kind of person.
I'll look at it as our debt now being £85 million less now - instead of us having to pay Straumur back, they've taken control of us. Plus we'll no longer have the interest payments on it. Alligned with us being one of the few clubs that are living within their means, along with some well structured repayment plans on external investment (and most clubs, other than those that are playthings of the mega rich, generate external investment to fund their transfer activity), and things are definitely looking a bit rosier than they did a few months ago.
- Joe, Romford
Mid table, no danger.
- Ted, London
1) Thetruthman, you seem to tar all West Ham fans with the same brush. You think none of us are pleased with Zola and you have based your entire self righteous post on one person's comment, which is a rather ridiculous way of looking at things.
2) Nc, when you sit on your high horse and accuse others of being, "ignorant, blinkered and thuggish", perhaps you should learn how to spell first, as it simply makes you out a rather stupid, aggresive and ridiculous name caller.
You're both doing wonders to bear out the "best fans" claim made by the first poster, thank you.
- Stu, Beckton
When you say best, does the mean ignorant, blinkered & thuggish. If so you certainly are. Yes I am sure there are exceptions, however th 'element' at West Sham is awful & doesnt befit a gent like Zola
- Nc, London
I do like a good side sided player, me.
- Stu, Beckton
I find it strange, that when a club is bought. The fans start saying Oh we can now buy this player or that player. Does that mean the previuos players brought in were no good. I guess the debt build up means nothing to fans who just want win. If the club folds so be it. TAKE A LOOK A HOW NEAR NEWCASTLE CAME, AND OTHER CLUBS. Just keep the club in a good position. Try for Europe, try for the FA cup and be up the league as best you can. ManU, Liverpool Arsenal, debt ridden clubs with high wage bills and crap players on their books. Go on West Ham go the same way again. You West Ham fans should be pleased that Zola got the players he had working.
- Thetruthman, United Kingdom
does this mean we will be able to buy a right back,two forwards and a side sided midfield player with pace,i hope so for the best fans in the worlds sake.
- Hector Higgins, borehamwood
