Financial crisis hits Hammers

08 October 2008

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West Ham have admitted they will have to sell players before they can buy any new ones in the January transfer window.

The club's owner Bjorgolfur Gudmundsson is a major shareholder in Icelandic bank Landsbanki, which went into receivership on Tuesday.

"It is very unlikely he will be willing to put in more money to buy players this January window," vice chairman Ausgeir Fridgeirsson told BBC Sport.

Fridgeirsson insisted the large size of West Ham's squad would benefit manager Gianfranco Zola in January, as he will be able to reduce the size of the squad then use the money made to buy new players if needed.

Fridgeirsson denied that the plight of Landsbanki, Iceland's second-biggest bank, meant Gudmundsson would now have to sell West Ham.

"It has to be clear that even though he has been hurt in one of his investments, it will not have a direct impact on other investments, including West Ham," Fridgeirsson said.

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