West Ham United sold to asset group

English Premier League side West Ham United announced yesterday they'd been sold to an asset management group where the majority stake is held by an Icelandic bank.

The London side hope the deal, worth a reported 100 million pounds, with CB Holding will secure their financial future.

This was in doubt after previous owner and chairman Bjorgolfur Gudmundsson saw much of his personal fortune wiped out as a result of the Icelandic banking crisis caused by the global credit crunch.

Gudmundsson and vice-chairman Asgeir Fridgeirsson have both left the club.

The majority stake in CB Holding is owned by Straumur-Burdaras, an Icelandic-based investment bank.

West Ham's new non-executive chairman will be Andrew Bernhardt, a senior director with Straumur Bank.

Bernhardt said: "I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting."

He added he foresaw no need to change the club's manager Gianfranco Zola, after the former Italy striker guided the Hammers to a creditable ninth place in the Premier League last season, or its chief executive, Scott Duxbury.

"CB Holding has no intention of changing the executive management or direction of this club," Bernhardt said.

"It will be my job to help facilitate this continued process on the pitch, while ensuring the club's success is built on a strong financial footing.

"We have an initial two-year plan which includes improving the infrastructure at the club and we will be getting to work on this as soon as the new board is appointed."