West Ham United statement

West Ham United CEO Scott Duxbury has issued the following statement following the news that Iceland bank Landsbanki has been placed into receivership.

Scott Duxbury said: "The position of Landsbanki has absolutely no effect on West Ham United and Mr Gudmundsson's ownership of the club.

"Mr Gudmundsson is an investor with a large portfolio, of which Landsbanki was just part. He remains as committed as ever to West Ham United and is not looking to sell the club."

"As has previously been stated, Mr Gudmundsson has invested £40m net in the playing squad to create a squad capable of challenging in the top half of the Premier League. 

"Since his appointment, Gianfranco Zola has made it quite clear that his first-team squad is too large and needs to be reduced so he can effectively coach the team. Once this has happened and if the manager requires further players, then the club will acquire them.

"Mr Gudmundsson remains fully committed to the success of this football club and building on the excellent start made by Gianfranco Zola."