West Ham will have to change their name to Credit Crunch United at this rate because no Premier League club is feeling the pinch quite like the Hammers. Just weeks after shirt sponsor XL.com went bust, Icelandic bank Landbanki – of which club chairman Bjorgolfur Gudmundsson is a major shareholder – has gone into receivership.
A West Ham board member denied that the bank’s problems would affect the club. He told the BBC: “This is not affecting West Ham. One of Mr Gudmundsson’s investments has gone bad, but he is still standing and has a lot of other investments.”
With that potential compensation package to Sheffield United still hanging over the Hammers too, it is tempted to believe the anonymous board member is putting a slightly brave face on.