Straumur moratorium extended

  • by Staff Writer
  • Wednesday, 16th December 2009

Straumur have, as expected, been granted a moratorium extension.

A brief statement posted on straumur.net this lunchtime read simply:

"The District Court of Reykjav?k has today granted Straumur-Burdaras Investment bank hf. an extension of moratorium until 10 September 2010."

The news should make little difference to those planning bids for control of West Ham United however it means that Straumur now have no immediate need to sell the club, given their nine-month stay of execution.

Rothschild, the bankers instructed by West Ham's owners CB Holdings (in whom Straumur have a 70% stake) are continuing to talk with parties interested in purchasing the club - most notably, David Sullivan and David Gold whose ?50million offer remains on the table.

Although CB Holdings are now under no pressure to sell until next September should the unthinkable happen and West Ham be relegated next May it is widely thought that the club would be lucky to survive - let alone command the kind of fee offered by the two Davids.

Meanwhile Irons fans, who have seen the first team squad dismantled over the last 15 months are planning to voice their disapproval at CB Holdings/Straumur during this weekend's live TV clash with Chelsea.

A number of supporters have already aired the idea of organising a protest against the Icelandic's continued unwelcome presence at the club although that has come too early for this weekend's game, where sporadic outbursts of dissent are more likely.

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