The precarious state of the financial industry in Iceland had led to concerns regarding Hammers owner Bjorgolfur Gudmundsson.

The billionaire businessman has been in control at Upton Park since completing a takeover in November 2006, and invested a further £30.5m in December 2007 to acquire a further five per cent stake.

However, the Icelandic bank he chaired, Landsbanki, is suffering extreme difficulties and has been nationalised by the nation's government.

This news had led to fears that West Ham would now see their assets stripped in an attempt to raise revenue.

Fridgeirsson, though, insists that is not the case and confirmed business will continue as normal at the Premier League club.

"Landsbanki has not gone into administration, the government has claimed the shares in the company but the company is still in operation," he said.

"It is of course a blow for him (Gudmundsson) and his financial strength but he has numerous other investments which are doing well at the moment, so there is no reason to fear that he will not fulfil his commitments to West Ham United.

"I don't think there is any reason to be too pessimistic. West Ham is a well-run company.

"It is run in an efficient manner and the company itself is servicing its debts and in doing so it has been able to progress in developing the infrastructure. There is no reason for the fans to worry in any way about things on the pitch."

While Fridgeirsson insists the club have no financial concerns at present, he did confirm that no more funding will be made available to manager Gianfranco Zola for the foreseeable future.

"Mr Gudmundsson has already put £30m into the club, the money is still there," he added.

"We have a very big squad. Our manager feels it is not necessary to be that size so if further transfers are needed money would need to be generated from sales.

"There is no intention to invest further in the club at the moment, but the club is standing strong. Mr Gudmundsson will not take money out of the club."