West Ham was taken over by an Icelandic bank in government control yesterday to prevent the Premier League club from going into administration.
A moratorium on West Ham chairman Bjorgolfur Gudmundsson's debts was set to expire yesterday in Iceland, so Straumur Burdaras Investment Bank assumed ownership of the club after having provided the finance for its 2006 takeover.
CB Holding, formed by the creditors of Gudmundsson's holding company, took control of West Ham in what Georg Andersen, Straumar's head of corporate communications, said wasn't a cash deal and a "complicated transaction".
Gudmundsson, who will leave the Hammers, had been looking to sell since being hit heavily by the global economic meltdown, primarily with the collapse of Icelandic bank Landsbanki, in which he had a 41 per cent stake.
"We decided to take over the club mainly to protect our interests and do the best thing for the club," Andersen said. "The former owners of West Ham were going out of moratorium today, which meant it was most likely they would go into bankruptcy, and under league rules the club would either be penalised with a points reduction or relegation. The value of the asset would have decreased enormously. As a bank, we would have preferred the owners to keep the club and had success with the whole thing, but that is not the case. We had to do something."
The Icelandic government is in temporary control of Straumur after it became one of the country's last major banks to collapse after running out of liquidity.
Andersen added: "We don't believe it is advisable to sell the club in the current markets," he said. "So we decided to hold on and support them for the next two years at least and maybe longer depending how things develop." Andrew Bernhardt, a senior director with Straumur and majority shareholder in CB Holding, will become a non- executive chairman of the club.
"I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting," said Bernhardt, who assured fans that manager Gianfranco Zola and chief executive Scott Duxbury will be going nowhere.
However, Peace yesterday said: "After two weeks of speculation, I have finally received a call from the Celtic chief executive, Peter Lawwell, requesting permission to speak to Tony. "I made it absolutely clear that Celtic's approach was not welcome because we have an ongoing project at Albion in which Tony is an integral part."
Mowbray has a compensation clause in his contract which is believed to be in the region of £2million (Dh11.8m).
Meanwhile, Newcastle owner Mike Ashley confirmed he has put the club up for sale for £100m. More than a week after it emerged that Ashley was looking to get out for the second time since he took control, the club, relegated from the Premier League in May, issued an official statement setting a price as Keith Harris, chairman of investment bankers Seymour Pierce, continued his search for buyers.
The announcement came as no surprise, with Ashley's desperation to offload the club he bought for £134.4m in May 2007 growing by the day. However, the uncertainty is proving disruptive to the club's preparation for the new season and the challenge of returning to the Premier League at the first attempt. The future of interim manager Alan Shearer, who has indicated a willingness to take on the role permanently, is unlikely to be confirmed amid such uncertainty.
* PA Sport
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Pros%20and%20cons%20of%20BNPL
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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UAE%20v%20West%20Indies
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ANATOMY%20OF%20A%20FALL
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars