The owners of English Premier League club West Ham United will ask an Icelandic court this week to legally postpone banks from seizing their assets and force the sale of the club.
Judges at a hearing on March 6 in Reykjavik will assess a three-month extension to a decision made in December that blocked banks from attempting to seize their assets. If the decision is overturned, it could force the club’s sale.
Hansa, West Ham’s holding company, is controlled by Bjorgolfur Gudmundsson, majority shareholder of an Icelandic bank seized by government regulators.
“Hansa believes that the progress that the club has been making shows the importance of continued stability,” said West Ham vice chairman Asgeir Fridgeirsson. “There are alternatives and options. It will in no way effect the club.”
Gudmundsson, whose fortune was estimated at $1.1 billion by Forbes magazine last March, is trying to decide whether to sell the club. In December West Ham sent data on its debt levels, income, expenditures and salary ratios to potential bidders. It is believed there are between five and 10 groups looking at the team, although there haven’t been any firm offers.
