West Ham owner ready to consider sale

West Ham owner Bjorgolfur Gudmundsson is considering selling the club after the economic meltdown in Iceland wiped an estimated £230million off his personal fortune, and left him facing the possibility of even bigger losses.

Sources claim there is a "cash rich" buyer waiting in the wings as pressure continues to mount on Gudmundsson with the Icelandic Government now contemplating freezing the assets of some of its top businessmen to help investors caught in the country's banking crisis.

This is currently only a threat but could develop over the next few days. The British Government has also raised the possibility of seizing Icelandic-owned assets in this country, but West Ham's parent company, WH Holdings Ltd, is registered in the UK and unlikely to be affected.

Gudmundsson is thought to have a 95 per cent stake in WH Holdings, which bought the club for £85m in November, 2006.

Gudmundsson took a massive hit on his personal fortune when Landsbanki was nationalised. He was axed as chairman of the bank and there are now serious concerns about some of his other business interests, including a shipping company that he owns.

West Ham are not thought to owe any money to Landsbanki, but it is believed that Gudmundsson may sell the club to recoup some of his personal losses. He has already said there would be no further investment in West Ham and that manager Gianfranco Zola would have to sell players before bringing in any new signings. With no sign of the credit crunch easing it is now thought he is ready to put the club up for sale.