West Ham in trouble - well bugger me!

[silverfox]

Following the collapse of their shirt sponsor XL Leisure Group last month, West Ham could be in further financial trouble as Icelandic bank Landsbanki falters.

The Landsbanki chairman and a large shareholder in the bank is Bjorgolfur Gudmundsson, the owner of West Ham, and this morning the Icelandic government seized control of the bank as it sought to avert a financial meltdown.

Despite reports that Gudmundsson will now struggle to fund the club's January transfers, West Ham vice-chairman Asgeir Fridgeirsson says fans shouldn't worry.


http://www.mirror.co.uk/sport/2008/...ic-bank-landsbanki-is-seized-115875-20781777/

 

[keenzy]

Won't have any money left to pay us!

Only this time they will get a points deduction for being in financial trouble and not blatantly cheating!

What goes around....

 

[Sensiblade]

On a similar note there is this from the BBC

http://news.bbc.co.uk/sport1/hi/football/7656862.stm

Football Association chairman Lord Triesman believes the global credit crisis could pose a "terrible danger" to clubs dealing with spiralling debts.

Against the backdrop of such a volatile financial climate, Triesman estimates English clubs owe an estimated £3bn.

 

[The One]

Maybe we should start splashing the cash now?

 

[SouthEssexBlade]

Anyone still think Prudence McCabe is a tosspot?????

 

[Sensiblade]

Anyone still think Prudence McCabe is a tosspot?????

Errr, No.

 

[happyhippy]

Anyone still think Prudence McCabe is a tosspot?????

Dear Prudence,
Just a little wait.
Dear Prudence,
Until we can pa-a-a-aaaaaaaaay.

Our club is sound,
Because of you.
Our dim dark past,
Will not renew!
Dear Prudence,
We are so glad you came!

Dear Prudence,
We can reach the sky!
Dear Prudence,
Thanks for Sun Ji Hai-a-a-aiiiiiii!

The ball's now low,
The Kop will sing,
That in McCabe,
We have a King!
Dear Prudence,
We can really reach the sky!

Look around, round, round (at Weeds and the Pigs)
Look around, round, round (at Leicester and the Scabs)
Look arooooooouuuuuunnnnnd!

Dear Prudence,
The Blades will arise!
Dear Prudence,
It's no real surpri-i-i-iiiiiise!

Our blood is red,
Our love is true,
We're all Blades,
And so are you!

Dear Prudence,
All we have to do is stay ........

(lots of vodka so apols!)

For those who are whipper snappers, or not Beatles fans here is the original from the sublime White Album.

 

[Sensiblade]

Dear Prudence,
Just a little wait.
Dear Prudence,
Until we can pa-a-a-aaaaaaaaay.

Our club is sound,
Because of you.
Our dim dark past,
Will not renew!
Dear Prudence,
We are so glad you came!

Dear Prudence,
We can reach the sky!
Dear Prudence,
Thanks for Sun Ji Hai-a-a-aiiiiiii!

The ball's now low,
The Kop will sing,
That in McCabe,
We have a King!
Dear Prudence,
We can really reach the sky!

Look around, round, round (at Weeds and the Pigs)
Look around, round, round (at Leicester and the Scabs)
Look arooooooouuuuuunnnnnd!

Dear Prudence,
The Blades will arise!
Dear Prudence,
It's no real surpri-i-i-iiiiiise!

Our blood is red,
Our love is true,
We're all Blades,
And so are you!

Dear Prudence,
All we have to do is stay ........

(lots of vodka so apols!)

For those who are whipper snappers, or not Beatles fans here is the original from the sublime White Album.

Fantastic! If I could vote it post of the week I would

 

[ScUzZ]

Bank crisis hits Hammers spending

Link

West Ham admit they have no money for new players after Iceland's second biggest bank, Landsbanki, collapsed.

Vice-chairman Asgeir Fridgeirsson told BBC Sport: "It is very unlikely he will be willing to put in more money to buy players this January window."

He also insisted the club was not for sale, despite interest from agents.

Hammers manager Gianfranco Zola had been promised funds when he took over on 11 September.

Sorry wrong section, slap my danny's Foxy/Linz

 

[Linz]

Won't have any money left to pay us!

We'll be a major creditor though if the shit does hit the fan.

In better news, Mr Darling has just said I should get my money back from Landsbanki... if I could have my little portion before West Ham get theirs, I would be very appreciative

 

[Pastyblade]

What SU need to do is get their lawyers to apply to the courts to register a charge against the property owned by WH in lieu of the £30M debt as mortgage holders get paid out 1st in any insolvency.

I'm not an insolvency lawyer, but they have a valid tribunal decision until such time as its overturned so I can't see why they couldn't register a charge against WH's assets on the basis of the tribunal decision, even though an appeal might be pending. So far as I'm aware, a tribunal decision counts the same as a court order.

On insovency order:

http://www.insolvency.gov.uk/freedomofinformation/technical/DEBTS.HTM

Generally, the assets are sold and the sale proceeds paid in this order:

1. Any creditor holding a fixed charge over the asset, e.g. a mortgage
2. The expenses of the liquidation/bankruptcy
3. Preferential debts, principally wages owed in the 4 months before the insolvency order, up to a maximum of £800
4. Any creditor holding a floating charge over an asset, e.g. a debenture
5. All unsecured creditors
6. In company cases, the shareholders

I would have thought the ground and other fixed assets of the club would be enough to secure the debt.

 

[Come from away]

I guess going bankrupt is their best way out of paying anything, maybe Mcabe could just buy the club and switch the teams?

 

[Sensiblade]

What SU need to do is get their lawyers to apply to the courts to register a charge against the property owned by WH in lieu of the £30M debt as mortgage holders get paid out 1st in any insolvency.

I'm not an insolvency lawyer, but they have a valid tribunal decision until such time as its overturned so I can't see why they couldn't register a charge against WH's assets on the basis of the tribunal decision, even though an appeal might be pending. So far as I'm aware, a tribunal decision counts the same as a court order.

On insovency order:

http://www.insolvency.gov.uk/freedomofinformation/technical/DEBTS.HTM



I would have thought the ground and other fixed assets of the club would be enough to secure the debt.

So we could in theory end up owning a large part if not all of Upton Park?
Or am I reading that wrong?

 

[Linz]

So we could in theory end up owning a large part if not all of Upton Park?
Or am I reading that wrong?

I have no idea of where to start in insolvency law (all that side of things escaped me).

However, things could get complicated with competition laws in football.

 

[Pastyblade]

So we could in theory end up owning a large part if not all of Upton Park?
Or am I reading that wrong?

Technically yes but if you own sufficient interest in a property you can then force a sale via the courts to realise your monies.

Point is, if its possible to raise a charge then it protects SU's interest as they're no longer an unsecured creditor (bottom of the pile) but a secured creditor at the top. So whatever happens, SU have their interests protected.

I have no idea of where to start in insolvency law (all that side of things escaped me).

However, things could get complicated with competition laws in football.

Probably true but I don' think the FA could stop it as it would be via a legal charge in lieu of a debt. Even the FA aren't above the law! What they'd probably do if anything is make SU sell it which is what they'd want to do anyway. I have little doubt any consortium trying to rescue WH would want to buy back the ground. Hopefully of course they not going bankrupt but SU should protect themsleves anyway in my opinion, just in case givene recent developments.

 

[Bladesman]

Hammers handed Tevez appeal boost

8:42am Wednesday 8th October 2008

WEST Ham United have received a boost in their attempts to overturn an independent tribunal's decision to award Sheffield United £30million in compensation over the Carlos Tevez affair.

The Irons have appealed to the Swiss-based Court of Arbitration in Sport (CAS) to try and reverse the award, which was made after the tribunal ruled that Tevez - who had been signed on an illegal "third-party" contract - played an influential role in keeping the club in the Premier League at the Blades' expense in 2006/07.

Originally, it was reported that the Yorkshire club would have to agree to any such appeal, but it now appears that the Championship side may have to give reasons for a hearing not to take place.

CAS have now asked Sheffield United to consent to its jurisdiction or provide written reasons against it by Friday.

This fact has given encouragement to the Irons as, in the majority of cases, the court has immediately ruled itself out of adjudicating in disputes.

Meanwhile, the three-man tribunal panel has adjourned its deliberations on how much money to award Sheffield United until December at the earliest.

West Ham have argued that United must validate the money that they lost - with the Blaedes claiming in excess of £30.3million.

The Irons are also reportedly exploring the possibility of an appeal to the High Court and making representations to Fifa over the affair.

The East Enders were originally fined a world record £5.5million in April 2007 after admitting to breaking two Premier League rules over the signings of Tevez and Javier Mascherano in August 2006.

A successful appeal would represent a huge boost for chairman Bjorgolfur Gudmundsson, who has seen his fortune dwindle in recent weeks following the collapse of tour operator XL and the nationalisation of Icelandic bank Landsbanki, in which he had a 41 per cent shareholding.

http://www.guardian-series.co.uk/sp...ws/3736479.Hammers_handed_Tevez_appeal_boost/

 

[SouthEssexBlade]

Ooooo, the legal costs must be mounting! Can the less and less wealthy Mr Gudmundsson afford it??

 

[silverfox]

More stuff from todays rags...........

West Ham are preparing to sell as many as eight senior players during the January transfer window. (Daily Telegraph)

West Ham have broken Premier League rules by allowing an unregistered doctor to treat their players. (The Sun)

 

[Sensiblade]

More stuff from todays rags...........

West Ham are preparing to sell as many as eight senior players during the January transfer window. (Daily Telegraph)

West Ham have broken Premier League rules by allowing an unregistered doctor to treat their players. (The Sun)

Their doing well then

Also, from the BBC

The Court of Arbitration for Sport has offered hope to West Ham's appeal against a tribunal decision ordering compensation to Sheffield United.

The Blades were relegated in 2006-7 and a tribunal ruled West Ham broke Premier League rules to sign Carlos Tevez, who had a key role in keeping them up.

BBC Sport understands CAS is to hold a preliminary hearing to decide whether they will hear the appeal in full.

http://news.bbc.co.uk/sport1/hi/football/7659887.stm

 

[matth]

Apparently, it's all a storm over nothing - the CAS has to go through the motions, and we'll be asked - as normal in these circumstances - if we wish to go through with the appeal. If not, we'll be asked for reasons why, but this is nothing insidious - we can just send the rule from the FA rulebook which states that neither side will have recourse to appeal.

I'm sure it's just the papers stirring again!

 

[SotonBlade]

Would be interesting to see SUFC getting a 60% stake in West Ham, then use them as a Feeder Club! :LOL:

 

[7UpJordan]

West Ham have no money? GOOD!! Make them suffer VERY VERY PAINFULLY!!! I will look forward to watching them squirm!! HAHAHA!!!!!

 

[silverfox]

Quote from Gordon Brown...........

"We are freezing the assets of Icelandic companies in the United Kingdom where we can."

Does this mean West Ham's assets are frozen as they are owned by these people are they not?

 

[Bladesman]

We can only hope.

 

[Linz]

Quote from Gordon Brown...........

"We are freezing the assets of Icelandic companies in the United Kingdom where we can."

Does this mean West Ham's assets are frozen as they are owned by these people are they not?

I might be missing something, but they aren't an Icelandic company...

 

[silverfox]

I might be missing something, but they aren't an Icelandic company...

Stop spoiling my fun!

 

[Linz]

Stop spoiling my fun!

Sorry....

 

[Bladesman]

West Ham have just a month to find a buyer or face the possibility of going into administration. (Various)

Oh dear.

 

[shorehamview]

West Ham have just a month to find a buyer or face the possibility of going into administration. (Various)

Oh dear.

Oh good.

 

[SRBlade]

Oh good.

Ditto