West Ham United are winding back their transfer spending ambitions.

The Daily Mail says sources close to the club are becoming increasingly concerned that mounting financial problems in Iceland have forced owner Bjorgolfur Gudmundsson to tighten his belt and explore ways of reducing the club's overheads.

The drive to bring in funds and lower the wage bill began yesterday with a £6million move to Fulham for Bobby Zamora and John Pantsil.

West Ham's board are desperate to find takers for top earner Freddie Ljungberg but are fighting to keep versatile Northern Ireland defender George McCartney.

Central defender Anton Ferdinand can leave for the right offer. Newcastle, Aston Villa and Tottenham like the look of Ferdinand, but West Ham are asking for £10million. Goalkeeper Robert Green is also attracting interest.