Date: 6th November 2008 at 7:29pm
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West Ham chairman Bjorgolfur Gudmundsson could be forced to sell the club after a string of unfortunate blows in home country Iceland, a country undergoing serious financial hardship.

Gudmundsson’s business interests in his native Iceland have been dealt a heavy blow in the current economic climate, the government has recently had to bail out a number of companies and important banks.

Landsbanki, a bank of which Gudmundsson is the majority shareholder, went into receivership a short time ago whilst Samson Holdings, related to the bank and the Hammers chairman, is understood to have filed for bankruptcy recently.

West Ham are looking at a bleak financial future, without a sponsor with sponsors XL going bust a while ago, as well as the idea of Sheffield United intruding when not wanted in the battle for compensation over the Carlos Tevez affair.

Having bought West Ham for £80m in 2006, Gudmundsson has gone on to invest another £30m in the club, helping former manager Alan Curbishley to buy a number of now key players.

Speaking to BBC Sport, a member of the board of the club added:
‘He is evaluating all of his business interests, including West Ham.

‘West Ham is a well-run club with no debt and is one of Mr Gudmundsson’s most important investments.’