Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Former West Ham Chairman Magnusson Sues Current Owner
Associated Press, December 19th, 2008 2:31PM

MOST READ


"Business, always business," a murderous character known only as "The Greek" answers laconically at the end of the second series of HBO's "The Wire" when asked by an airline check-in assistant if he's travelling for business or pleasure. The phrase could increasingly apply to soccer -- it's less about the pleasure of the game, and more and more about wages, shares and bankruptcy (both financial and moral).

Which brings us to our next absurd story. Former West Ham United chairman Eggert Magnusson is suing current owner Bjorgolfur Gudmundsson over the terms of his exit from Upton Park last year. He wants $1.7 million from Gudmundsson, who is trying to offload the club after the world economic crisis hit his native Iceland particularly hard.

The two men bought the club together in 2006 through WH Holding Ltd. Magnusson was fired last year as chairman, and Gudmundsson took his partner's 5 percent stake. Magnusson claims he's owed three months of wages guaranteed after his contract was terminated. A Gudmundsson source says this is nothing to do with West Ham, but a personal dispute between the two men.

With West Ham still embroiled in a $50-million compensation dispute with Sheffield United, that's probably just as well. Gudmundsson, meanwhile, is optimistically hoping to offload the team for just under $400 million as its Icelandic holding company Hansa faces bankruptcy. West Ham will play Aston Villa in an English Premier League soccer game on Saturday.

 

 

Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
AC Milan Not for Sale, Owner Says     
AC Milan is not for sale, Finivest, the company controlled by Milan chairman Silvio Berlusconi, said ...
German Anger at Schalke for Considering Russia Invitation    
German politicians on Thursday criticized Bundesliga giant Schalke 04 for considering an invitation to Russia to ...
Report: Chelsea Backs Mourinho Anfield Decision    
Chelsea has given Jose Mourinho the green light to field a team at Liverpool on Sunday ...
PSG Eyes Second-Successive Ligue 1 Title     
Paris Saint-Germain could seal its second-successive Ligue 1 title without kicking a ball if second-place AS ...
Platini: No Clubs Banned From Europe Next Season    
In an interview, UEFA President Michel Platini said that no clubs found in breach of financial ...
Ancelotti: Real Can Beat Anyone     
Carlo Ancelotti proclaimed that Real Madrid has no one to fear following his team's 1-0 win ...
German Press Reacts to Bayern's UCL Loss    
Bayern Munich coach Pep Guardiola came in for some heavy criticism from the German media after ...
Reports: Messi Close to Barca Pay Raise    
According to reports in Spain, Lionel Messi is close to agreeing a contract extension with Barcelona ...
Scholes Named Man United Assistant Coach     
Paul Scholes on Wednesday was named as an assistant coach to interim Manchester United coach Ryan ...
FIFA Suspends Barca Transfer Sentence    
FIFA on Wednesday temporarily suspended the transfer ban handed to Barcelona for violating its rules regarding ...
>> Section 2 Around the Net Archives