Former West Ham boss Harry Redknapp claims he is worried about the future of the club.

The ex-Irons chief fears the east London club could be one of the first to suffer as a result of the credit crunch after owner Bjorgolfur Gudmundsson lost a huge sum of money in the collapse of Icelandic bank Landsbanki.

Gudmundsson yesterday battled to shore up his interests, with his holding company Samson seeking temporary court protection from its creditors. And with reports claiming that England's top club's are up to £3billion in debt, Redknapp has the real worry that the Hammers maybe forced to sell their top name players to survive this recent blow, which follows Sheffield United's recent £30million compensation claim over the Carlos Tevez's affair.

Speaking in his column in the Sun, Redknapp said: “What happened at West Ham on Tuesday was scary.

“There is no way football can consider itself immune from this so-called credit crunch — or ‘hard times’ as I refer to it.

“In fact, football clubs are going to feel the pinch more than most, because they are now multi-million pound, multi-national corporations with huge incomes and massive outlays.

“One of the biggest outgoings on a club’s balance sheet is the squad’s wages.

But if, as a fan, you are hoping the players are going to come to the rescue by taking pay cuts, forget it.

“That is just a dream. In an ideal world, yes, perhaps some of the most highly-paid players would turn to their clubs and agree to trim their pay to alleviate some of the burden on the board.

“West Ham insist it is on a sound footing and the collapse of the bank in which their Icelandic chairman had a 40 per cent stake does not affect them.

“But when you hear that football may be up to £3billion in debt, it is a worry that the whole shebang could come crashing down like a house of cards.

“The moment you ask a player to renegotiate his contract, though, even for a cut of just £1 a week, he becomes a free agent.

“Then you will have a situation where a queue of rival clubs will line up to sign your best players — because the best are usually paid the most — for nothing.

“On top of that, they will probably offer to pay them even more than they are earning at your club, as they do not have to fork out a transfer fee. So it is an impossible situation.

“I was shocked by the events at West Ham. Yet the board have been quick to declare they are in no immediate trouble, even if money is tight.

“Manager Gianfranco Zola has been told he must sell before he can buy and has apparently agreed to this with his bosses.

“They are not alone. I do not see much business being done in the January window.

“Even if West Ham are put up for sale, it is not a disaster.

“Someone will always want to buy one of the Premier League’s more attractive products.

“The club has a terrific ground, a fantastic support base, great training ground, an academy and superb facilities.

“Zola has still been lucky to get West Ham as his first job in English management.

“He has inherited a squad that, left unmolested, could finish in the top 12 of the Premier League at least.

“He has a technical director, Gianluca Nani, working with him who knows the Italian transfer market well. And his assistant, Steve Clarke, knows the British market.

“The next transfer window will require a lot of wheeling and dealing, as money is sparse.

“But Zola is safe with the people around him and still in a great position.

“I have always taken over poor teams and made them better.

“Bournemouth were in the old Fourth Division, West Ham were a yo-yo club, Portsmouth were struggling in what is now the Championship and Southampton were on their way down.

“Walking into a dressing room with Scott Parker, Lucas Neill, Robert Green and Carlton Cole in it should not be too distressing.

“The problems will start, though, if he is told to sell the family silver just to raise some cash.

“For that we have to wait and see.”

[Guardian-Series]

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