Barcelona to elect new chairman in June

January 30, 2010

Spanish and European champions Barcelona to elect a new chairman in June 13 to replace Joan Laporta, the club announced Friday.

Under the club’s rules, Laporta, 47, can no longer stand for election again after holding the post since 2003.

Several candidates have already come forward, including vice chairmen Alfons Godall and Jaume Ferrer. Former vice chairman Sandro Rosell is also expected to stand.

Laporta said earlier this month that he was considering creating a political party to seek independence for Spain’s Catalonia region and running for office himself.

BARCELONA, Spain (AFP)

Tags: alfons, Barcelona, barcelona spain, catalonia, catalonia region, european champions, Ferrer, independence, jaume, joan laporta, sandro rosell, Spain, vice chairman, vice chairmen

Former West Ham owner Gudmundsson declared bankrupt

August 1, 2009

Bjorgolfur Gudmundsson, the former owner and chairman of English Premier League side West Ham United, has been declared bankrupt, an Icelandic court ruled on Friday.

Judges in Reykjavik agreed with Gudmundsson’s argument that he had no reasonable expectation of any future income and did not have sufficient assets to service his debts.

“Reykjavik District court has today accepted Bjorgolfur Gudmundsson?s request that his estate will be entered into insolvency proceedings,” his spokesman and former West Ham vice-chairman Asgeir Fridgeirsson said in a statement.

The 68-year-old, estimated last year to be worth 1.1 billion dollars by the 2008 Forbes Rich List, snapped up London side West Ham in 2006 for around 85 million pounds (99 million euros, 141 million dollars).

But court documents showed that the debt of his estate totalled just over 96 billion Icelandic kronur (529 million euros, 748 million dollars).

Gudmundsson lost much of his fortune during the recent global economic turmoil owing to his investments in two of Iceland’s major banks: Landsbanki and Straumur Burdaras Investment Bank.

Both were nationalised by the Icelandic government after they borrowed beyond their means, effectively wiping out the stakes of shareholders.

“I now face almost complete lack of income as I am no longer in the employment of the aforementioned companies and earn now just the minimum wage,” Gudmundsson wrote in a letter to judges.

Once the second-richest man in Iceland, his plight forced him to put West Ham up for sale and the club was acquired by asset management group CB Holding for a reported 100 million pounds in June.

REYKJAVIK (AFP)

Once that sale was completed, Gudmundsson and vice-chairman Asgeir Fridgeirsson both left the club.

Tags: 1 billion dollars, 100 million, asset management group, court documents, English Premier League, expectation, forbes rich list, global economic turmoil, insolvency proceedings, investment bank, kronur, landsbanki, minimum wage, plight, reykjavik, Reykjavik District, rich list, richest man, shareholders, vice chairman, west ham, west ham united

West Ham United sold to asset group

June 8, 2009

LONDON (AFP) – English Premier League side West Ham United announced Monday they’d been sold to an asset management group where the majority stake is held by an Icelandic bank.

The London side hope the deal, worth a reported 100 million pounds (158 million dollars), with CB Holding will secure their financial future.

This was in doubt after previous owner and chairman Bjorgolfur Gudmundsson saw much of his personal fortune wiped out as a result of the Icelandic banking crisis caused by the global credit crunch.

Gudmundsson and vice-chairman Asgeir Fridgeirsson have both left the club.

The majority stake in CB Holding is owned by Straumur-Burdaras, an Icelandic-based investment bank.

West Ham’s new non-executive chairman will be Andrew Bernhardt, a senior director with Straumur Bank.

Bernhardt told the club’s website: “I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting.”

He added he foresaw no need to change the club’s manager Gianfranco Zola, after the former Italy striker guided the Hammers to a creditable ninth place in the Premier League last season, or its chief executive, Scott Duxbury.

“CB Holding has no intention of changing the executive management or direction of this club,” Bernhardt said.

“It will be my job to help facilitate this continued process on the pitch, while ensuring the club’s success is built on a strong financial footing.

“We have an initial two-year plan which includes improving the infrastructure at the club and we will be getting to work on this as soon as the new board is appointed.”

Gudmonsson also told the club’s website: “As my fortunes have changes I now have to withdraw from the board of directors. I do that with a great regret but I am convinced that this change of ownership and control will advance the club in the present circumstances.”

CB Holding was, the BBC reported, set up by the creditors of Hansa, West Ham’s holding company.

Tags: Andrew Bernhardt, asset group, asset management group, banking crisis, bernhardt, change of ownership, duxbury, English Premier League, executive chairman, executive management, financial future, global credit crunch, Hansa, holding company, investment bank, Italy, london, majority stake, personal fortune, Scott Duxbury, vice chairman, west ham, west ham united, Zola

West Ham sold to asset group

June 8, 2009

LONDON (AFP) – English Premier League side West Ham United have been sold for an as yet undisclosed fee to CB Holding, an asset management group, the club announced on Monday.

The London side hope the deal will secure their financial future after previous owner and chairman Bjorgolfur Gudmundsson saw much of his personal fortune wiped out as a result of the Icelandic banking crisis caused by the global credit crunch.

Gudmundsson and vice-chairman Asgeir Fridgeirsson have both left the club.

Tags: asset group, asset management group, banking crisis, cb, English Premier League, financial future, global credit crunch, gudmundsson, london, personal fortune, undisclosed fee, vice chairman, west ham, west ham united

Aznar mulls Real Madrid chairman´s post

February 18, 2009

MADRID (AFP) – Former Spanish prime minister Jose Maria Aznar told Spanish radio on Tuesday he might be amenable to a spell as chairman of Real Madrid with the post up for grabs in July.

"If I were offered it I’d think about it," Aznar told Radio Cope, while noting that normally he could not stand as a candidate, having not been a club member or "socio" for the requisite ten years.

Aznar was prime minister of Spain from 1996 to 2004.

Former vice chairman Vicente Boluda is currently in the post temporarily following the January resignation of Ramon Calderon amid allegations he rigged voting at the club’s last annual general assembly, which approved the club’s financial accounts.

Former chairman Florentino Perez is favourite for a return if he wishes to stand. It was Perez who embarked on the strategy of landing high-profile "galactico" names such as Zinedine Zidane and David Beckham while at the helm from 2000 to 2006.

The former head of telecoms giant Telefonica, Juan Villalonga, is the only candidate to declare an interest to date.

Written by: AFP

Tags: Aznar, boluda, club member, David Beckham, financial accounts, Florentino, florentino perez, general assembly, grabs, helm, high profile, Jose Maria, jose maria aznar, Juan, juan villalonga, LA Liga, MADRID, prime minister of spain, quot, ramon calderon, real madrid, resignation, Spain, spanish prime minister, spanish radio, spell, Telefonica, vice chairman, vicente boluda, Zidane, Zinedine, zinedine zidane

Red and White increase Arsenal stake

February 17, 2009

LONDON (AFP) – Red and White Holdings Limited have increased their shareholding in Arsenal to over 25 percent, a statement released to the London Stock Exchange said Monday.

The company, whose chairman is David Dein, the former Arsenal vice-chairman, is owned by Russian metals billionaire Alisher Usmanov and his business associate Farhad Moshiri, a London-based investor.

Their new purchase still left Red and White some five percent short of the minimium 30 percent stake that would require them to launch a formal takeover bid under Stock Exchange rules.

In its statement, Red and White said the increase in their shareholding was "in line with Red and White’s previously stated intention to secure a significant shareholding in Arsenal and ensure that its position is protected".

The statement added: "We are pleased to have now secured over a quarter of the shares of Arsenal.

"We are committed long-term investors and supporters of the club and are comfortable that we are now in a protected position.

"We also welcome the strengthening of the squad and look forward to a successful conclusion to the season."

Red and White was formed in August 2007 following the initial sale of Dein’s 14.5 percent stake in the north London club.

By October they had increased their stake to 23 percent and that became just over 24 percent almost a year to the day before Monday’s latest increase.

Usmanov’s taking a stake in Arsenal led to a ‘lock-down’ agreement between the other members of the Gunners board who said they would not sell shares that might, if they fell into other hands, lead to a a takeover of the club.

Arsenal, currently fifth in the Premier League and in danger of losing their status as a member of English football’s so-called ‘Big Four’, face Cardiff in an FA Cup fourth round replay at the Emirates Stadium later Monday.

Written by: AFP

Tags: AFP, agreement, Alisher, arsenal, billionaire, cardiff, conclusion, david dein, Emirates Stadium, english football, English Premier League, FA Cup, Farhad, farhad moshiri, gunners, Holdings, holdings limited, london, london stock exchange, Moshiri, north London, north london club, percent stake, premier league, replay, shareholding, statement, stock exchange rules, strengthening, takeover, takeover bid, term investors, usmanov, vice chairman

Kenya to play African champions Egypt in Cairo on Friday

January 19, 2009

NAIROBI (AFP) – Kenya’s international friendly match against African Champions Egypt will still go ahead as planned later this week despite the sacking of head coach Francis Kimanzi, football officials said on Monday.

Kimanzi, who was fired on Sunday after being accused of insubordination was replaced by a former international defender John Bobby Ogolla who will be in charge for the match in Cairo on January 23.

"Kenya cannot afford to ignore this important fixture," Football Kenya Limited (FKL) vice chairman Titus Kasuve said.

"We are fortunate to be playing against a Maghreb state before we face Tunisia in the opening round of the 2010 World Cup qualifiers, and this match, which was postponed from last November, also serves a charity to raise money for the people in Gaza".

Before his sacking, Kimanzi had criticised the scheduling of the match, claiming the short time to train after returning from the CECAFA Senior Challenge Cup where his side lost 1-0 to arch-rivals Uganda in the final on January 13 in Kampala.

Written by: AFP