West Ham reassure fans over funding

West Ham insist a banking crisis in Iceland will not affect the club.

Club chairman Bjorgolfur Gudmundsson is a major shareholder in Iceland's second biggest bank Landsbanki, which is now under the control of the country's government to stop it collapsing.

There are fears the bank's plight could prevent West Ham from signing players and could even force the club to sell its stars.

But West Ham chief executive Scott Duxbury said: "The position of Landsbanki has absolutely no effect on West Ham United and Mr Gudmundsson's ownership of the club.

"Mr Gudmundsson is an investor with a large portfolio, of which Landsbanki was just part. He remains as committed as ever to West Ham United and is not looking to sell the club."

West Ham have been beset with problems this season. Manager Alan Curbishley resigned, the club's major sponsor went bust and an FA tribunal decided they should pay compensation for Sheffield United's relegation. But results on the field remain good and they are currently sixth in the Premier League.

But West Ham vice chairman Asgeir Fridgeirsson has reassured fans there is still money to spend.

He said: "It is, of course, a blow for Gudmundsson and his financial strength, but he himself has a number of other investments that are doing quite well at the moment so there is no reason to fear that he will not honour his commitment to West Ham football club.

"He is not absolutely sure how this will directly affect him, but one thing he is sure of is that this will have no implications on the other investments of him and his family."

© Independent Television News Limited 2008. All rights reserved.

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