Posts Tagged ‘Holding Company’

West Ham’s holding company applied to enter administration amid financial turmoil roiling the Premier League football team’s owner Bjorgolfur Gudmundsson.

Hansa Eignarhaldsfelag ehf will be run by an administrator appointed by Icelandic authorities, West Ham Vice Chairman Asgeir Fridgeirsson said today in a phone interview.

“There’s no chance of anything happening to the club,” Fridgeirsson said. “West Ham has no loans — it’s a clean sheet.”

West Ham won’t be subject to a sanction because the London club isn’t directly affected, a Premier League official said. Under league rules, clubs that become insolvent are docked nine points.

Source Alex Duff Bloomberg.com

Hansa, the holding company of English football club West Ham, requested a moratorium (permitting temporary suspension of payments) yesterday. Björgólfur Gudmundsson, former majority owner and chairman of Iceland’s Landsbanki bank, is the majority owner of Hansa.

According to Ásgeir Fridgeirsson, vice-chairman of the board of West Ham and spokesperson for Gudmundsson, the moratorium was requested to secure the interest of the football club’s owners and of their loan granters, Fréttabladid reports.

Fridgeirsson said it is highly likely that Hansa’s assets will cover all debts and that the moratorium will be extended. He did not want to reveal any specific amounts. The moratorium is expected to speed up the sale of West Ham.

“West Ham is one of the company’s [Hansa’s] assets and the owner is looking at all possibilities in regards to sale,” Fridgeirsson said.

Source Iceland Review Online
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