Cash-hit Hammers ready to sell up on the cheap?

7:27am Sunday 12th October 2008

CASH-HIT West Ham have just one month to find a buyer or risk going into administration, according to media reports this morning.

The News of the World suggests that the club's hiearchy are fearful of going to the wall and are desperate for a takeover following the collapse and nationalisation of Icelandic back Landsbanski, in which Hammers chairman Bjorgolfur Gudmundsson is the largest shareholder.

And, although the club insisted last week that the situation would have 'no impact' on the club, reports have now emerged that the 66-year-old - who bought the club for £85million two years ago - is willing to sell up for a knockdown fee.

With mounting debts and the possibility of having to pay out to Sheffield United over the Carlos Tevez affair, Gudmundsson could ask for as little as £50m, despite the club's shares soaring to as high as £150m.

The source adds that, although the club is not officially up for sale, brokers have made contact with a prospective 'cash rich' buyer.

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