West Ham United vice-chairman Asgeir Fridgeirsson insists the club's finances will not be affected by the downturn in Iceland.
Iceland's banking system was thrown into chaos on Monday when the government took control of Landsbanki, the second biggest bank in the country, to stop it collapsing.
West Ham's chairman, Bjorgolfur Gudmundsson, is a major shareholder in the bank and chaired the company until he was sacked today.
"The government has claimed shares in the company which means that the government has claimed control. That means basically that we have lost it," Fridgeirsson told Sky Sports News.
"I don't think there's any reason to be too pessimistic. West Ham United is a wonderful club and a well run company.
"This investment was very important for him, but not his only one.
"It is, of course, a blow for him and his financial strength, but he himself has a number of other investments that are doing quite well at the moment so there is no reason to fear that he will not honour his commitment to West Ham football club.
"He (Gudmundsson) is not absolutely sure how this will directly affect him, but one thing he is sure of is that this will have no implications on the other investments of him and his family."