A consortium of creditors led by Icelandic bank Straumur - which is itself in financial difficulties - is in talks about taking over West Ham.
However, control may end up in the hands of an asset management company appointed by the Icelandic government.
Whoever ends up in control, Gudmundsson's situation is so bad that his creditors are thought to be keen to cash in on one of his few remaining assets, meaning all that is needed is for someone to make a reasonable offer for the club.
West Ham insiders, though, insist they are wholly confident of meeting the conditions required to receive a Uefa club licence - needed if they qualify for the Europa League - and will submit the necessary accounts to the Premier League and FA before the May 31 deadline.
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