Splash of cold water from Icelandic court room reminds us of what's at stake
By Ho Lee Smoke
Thursday 18 Jun 2009 10:04:00
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We've been banging on for a bit that the takeover of West Ham by Straumur is far from a panacea and the latest reports emanating from Icelandic court rooms fail to make us feel an less concerned.

Football has come to something when we have to be wondering how a court case in Reykjavik turns out to determine our mood for the morning, but so be it.

So much for only having to winder whether Patsy Holland was going to be fit or not for the game on Saturday. Article continues below

In short though, Straumur are in deep financial doo-doo and although West Ham remain a relatively distinct part of their operations, nevertheless siphoning cash into the pockets of professional footballers won't be high on their list of priorities.

Admittedly as a Premier League side West Ham United - or should that be CB Holdings - are an asset rather than a liability, but it only takes a dodgy start to the new campiagn to see the loss-cutter argument begin to prevail.

Straumur have until December to sort themselves out, but things could turn nastier sooner should the creditors of Straumur cut up rough at a meeting in early August.

Should things go pear-shaped and they don't accept a 'composition agreement' (ie less thasn they're owed) Straumur could be wound up and the tone for the season will be well and truly set then.

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