by Reg » Thu Oct 09, 2008 1:35 pm
West Ham plan fire sale of players as crisis bites
West Ham are preparing to sell as many as eight senior players during the January transfer window, but they remain adamant that the current turmoil in the Icelandic economy will not threaten the club’s financial future.
Bjorgolfur Gudmundsson, the West Ham owner, was forced to stand down on Monday as chairman of Landsbanki after Iceland’s second-largest bank was nationalised, with reports last night suggesting he had lost up to £360 million.
It is, however, known that a number of consortiums are now circling Upton Park after registering their interest in a potential takeover.
Gudmundsson insists that his long-term commitment to the club remains strong and, after a summer of a transfer activity that was characterised by an effort to restructure the wage bill, West Ham admit that they want to further reduce the size of the squad to below 30 players.
The club have raised £18.8 million since July through the sales of John Pantsil, George McCartney, Anton Ferdinand and Bobby Zamora and will aim to further reduce their wage bill by selling players who have failed to make an impact.
The club would listen to offers for Danny Gabbidon, Hayden Mullins, Nigel Quashie, Calum Davenport, James Collins, Jonathan Spector, Lee Bowyer and Luis Boa Morte. It was already felt that the squad was far too big under Alan Curbishley and new manager Gianfranco Zola is determined to have quality rather than quantity.
It is understood that there will be no pressure on Zola to sell any player he wants to keep and the club remain confident that they can challenge for a place in the Premier League’s top six.
West Ham chief executive Scott Duxbury yesterday said that Gudmundsson had invested a net total of £40 million in players to “create a squad capable of challenging in the top half of the Premier League”.
Duxbury added: “Mr Gudmundsson remains fully committed to the success of this football club and building on the excellent start made by Gianfranco Zola.
“The position of Landsbanki has absolutely no effect on West Ham United and Mr Gudmundsson’s ownership of the club. Mr Gudmundsson is an investor with a large portfolio, of which Landsbanki was just part. He is not looking to sell the club.”
The Court of Arbitration for Sport, meanwhile, have boosted West Ham’s hopes of appealing the Football Association’s independent tribunal ruling in favour of Sheffield United over the Carlos Tevez affair.
West Ham have submitted a legal document which argues that they have not had the chance of appeal and CAS have responded by allowing a preliminary hearing to decide if they have jurisdiction.
Sheffield United do not want to participate in West Ham’s appeal, but they have been given until the end of the week to provide the name of an arbiter.
Matthieu Reeb, the secretary-general of CAS, had previously indicated that the appeal could only be heard if Sheffield United agreed to participate in the process. The independent arbitration tribunal that ruled in favour of Sheffield United last week adjourned a meeting to determine the timetable for assessing the level of compensation.
The Yorkshire club had initially suggested a figure of £30 million, but it is understood they are preparing to increase that claim.
Alongside their appeal to CAS, West Ham will demand a forensic examination of the Sheffield United’s accounts when the tribunal reconvenes. There is a feeling that the real losses from relegation might be very different from the claim that has been made.
Under the Hammer
Player Potential sale value
Luis Boa Morte £3m
Lee Bowyer £1.5m
James Collins £1m
Jonathan Spector £1m
Nigel Quashie £1m
Calum Davenport £1m
Hayden Mullins £500,000
Danny Gabbidon £500,000
