hammers safe despite bank collapse

West Ham United have dismissed reports that the club may be about to be sold in the wake of the collapse of Landsbanki.

The bank - in which Hammers Chairman Bjorgolfur Gudmundsson had a 40% stake - was taken under the control of the Icelandic government yesterday to prevent it from going under, the latest victim of the worldwide banking crisis. All Landsbanki board members were dismissed as a result.
speculation arose that West Ham United - purchased by Gudmundsson for £85million in 2006 - may be about to be sold. But that suggestion has been dismissed this morning by an unnamed board member, who told the BBC:

"This is not affecting West Ham. One of Mr Gudmundsson's investments has gone bad, but he is still standing and has a lot of other investments."
"Mr Gudmundsson is not looking to sell the club - and he is as committed as ever."

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