16/12/2008

The sale of West Ham has begun!

According to the Icelandic news site Newsfrettir the sale of West Ham is formally on!

In a court hearing it was announced that Hansa ehf, the company through which Björgolfur Guðmundsson owns West Ham, was surprisingly granted a prolongation of the moratorium (background HERE).
This is bad news for the ones wanting a forced and quick sale of the Club since it, as far as I understand, gives BG until March before he formally can be forced to sell.

But interestingly it was stated that "...the sale process of the most valued property of Hansa, WH Holding ltd. that owns the football company West Ham united has now begun."

As the faithful reader knows, this is in line with what we have been saying at Bubbleview, but it has been a much slower process than I anticipated that I some days almost lost hope.

At the very least, this is one step closer to the club finally being sold. However, even if I firmly believe that it does not make any sense to either buy or sell the club after the transfer window, I cannot help but to worry about the fact that the moratorium is past Feb. 2nd.
I don't feel totally at ease quite yet.

EDIT:
The information from the court hearing has forced BG to send out his spokesperson - Asgeir Fridgeirsson – to give us his take on the situation.
Fridgeirsson says that BG is looking at offers (what else is new…) and he doesn’t miss the opportunity to tell us that there is a lot of interest in the Club.
He also said that "We are reviewing the asset, looking at what might be the value of the club''.
But fortunately, he doesn’t decide on the value of the Club. The value will be what is agreed upon between him and a buyer.
And I don’t think it’s all aces in BG's hand.

Fridgeirsson also tries “We don’t have to sell…” but I think that depends on what time frame you are talking about.
Come March (if the Court will not grant another extention of the moratorium) BG will actually have to sell, or at least give up his control of Hansa ehf and West Ham holding.
.

4 comments:

Prince H said...

Very good work here Joppe. Thanks!
The interesting link to the english-speaking webpage was interesting as well. But also as a a reflection of our worry for the club. (as I of course share) Mainly because if you read the other articles about the Islandic recession we can convince ourselves that our club is a minor problem for the Icelandic people right now. They do have much harder topics to deal with from now on and for a "foreseeable" future. Not only, but much because of men like our nice BG. The schools have to have hugh cut-downs, whole families seek help and people do have to pay for hospital visits. Hard times! Sometimes I do feel a bit ashamed that I care so much for the colour of a teams shirt. Well, anyway I do. So find more in this topic please!

Joppe - said...

True, sport is and should be a pasttime, regardless of what Bill Shankly once said.
We are the lucky ones in the world, at least in a materialistic sense.
I have many times looked at my engagement in football from that viewpoint. Almost every day actually, since my wife is not exactly convinced that West Ham is of overshadowing importance.

I am torn about this, I cannot promise anything right now, but I maybe feel that Bubbleview is not the right stage. But as I said, I'll give it a serious thought.

Sam H said...

Hi Joppe,

great find!

I'm going to post this up on the West Ham Process today, directing people to your site for the link and the read, hope you don't mind?!

Nice bit on link back!

Sam

Joppe - said...

Sam, please do, be my guest!!