Credit crunch hits West Ham

West Ham vice chairman Asgeir Fridgeirsson has told the BBC that recent events affecting their chairman are likely to have a negative effect on the football club,

“It is very unlikely he will be willing to put in more money to buy players this January window.”

Club chairman Bjorgolfur Gudmundsson is a major shareholder in both West Ham and the Icelandic bank Landsbanki and was chairman of the bank until he was sacked on Tuesday. The bank, the second largest in Iceland, has now collapsed.

The news will come as a blow in footballing terms to West Ham manager Gianfranco Zola who had been promised that funds would be available in January if he wanted to strengthen the squad.

It is unlikely that West Ham will be the only club affected by the financial crisis.

(Source – BBC)