West Ham United are up for sale for a knockdown fee.

The Mail on Sunday says Icelandic owner Bjorgolfur Gudmundsson may have to accept as little as £50million within the next few weeks as he battles to save his business empire from the financial crisis gripping his homeland.

Only days ago, Gudmundsson and the club were insisting that the collapse and nationalisation of Landsbanki, in which the West Ham chairman is the largest shareholder, would have no effect on his involvement with the club.

But in the last 24 hours, it is understood that the situation has changed to such an extent that he has privately indicated he is willing to sell. Although the value of West Ham's shares is thought to have soared as high as £150m since he bought them less than two years ago for £85m, the club's debts and the possibility of having to pay Sheffield United up to £50m will reduce the price.