Rather tragically appropriate in a new and different light: the Hammer’s anthem.
Reports the Guardian:
West Ham United will be taken over by a consortium of international banks in the coming weeks. Icelandic government-appointed officials running the stricken investment bank Straumur are set to take control from Bjorgolfur Gudmundsson at Upton Park as they seek to recover the money lost in the collapse of that nation’s economy.
Gudmundsson bought the club (alongside Eggert Magnusson, who was later bought out) in an £85m deal in 2006, with money from Icelandic bank Straumur.
I’m dreaming dreams,
I’m scheming schemes,
I’m building castles high.
They’re born anew,
Their days are few,
Just like a sweet butterfly.
And since Straumur went into administration last month, its creditors have started to rein in its assets. In fact, as the Guardian reports, Gudmundsson had been granted a moratorium on his assets until June, but the sneaky creditors are preparing to “take advantage of covenants on the debt that allow for the club to be taken over.”
Somewhere, a law firm is smiling.
As for the fans, it’s not really great news at all. The creditors’ consortium will likely stay in control until 2011, and there will be no new cash available for Gianfranco Zola to spend on players.
Related link:
The football bubble – The Independent