West Ham are still facing a potential financial crisis after it emerged their new owners could be forced into liquidation in less than two months.

CB Holding, an asset management company which is 70 per cent owned by bust Icelandic bank Straumur, took control of the club on Monday, insisting the move effectively guaranteed their future.

West Ham had been on the brink of collapse as former owner Bjorgolfur Gudmundsson's investment company, Hansa, was due to be declared bankrupt after being hit by the global financial meltdown.

Straumur, which was owed £100million by Hansa, was able to complete the takeover as it enjoys a moratorium - a period of time during which payments to creditors can be delayed and restructured in order to protect the stricken company - over its own liabilities.

That is due to expire on Thursday, with the bank set to apply to the District Court of Reykjavik for a further six-month extension.

Straumur are confident that extension will be granted but the respite could only be temporary, as the bank's executives are set for a potentially decisive meeting with creditors on 6 August.

They are seeking to persuade them to sign a composition agreement - a contract whereby creditors accept a partial payment of what they are owed - but if they fail to agree terms or creditors are unconvinced by Straumur's plans to sell West Ham to another buyer, the bank will be subjected to a winding-up order.

Three attorneys from Iceland's supreme court would place Straumur's assets, including West Ham, into bankruptcy, leaving the club open to potential sanctions from the Premier League, which could include points deductions or even relegation.

A League spokesman confirmed they have asked West Ham to supply documents clarifying the club's change of ownership.

He said: "Once we have that information, we will assess it and act accordingly."