West Ham United is come under new ownership with asset management group CB Holding taking control of the club.
Andrew Bernhardt, the majority shareholder in CB Holding, has been named as the new non-executive chairman of the Hammers.
Former owner and chairman Bjorgolfur Gudmundsson and his vice-chairman Asgeir Fridgeirsson have stepped down with immediate effect.
There had been concerns for the future of the club following the global economic crisis which wiped out Gudmundsson’s assets.
New chairman Bernhardt, a senior director with Straumur Bank, has already given his full backing to manager Gianfranco Zola and has pledged to provide funds for new signings this summer.
Bernhardt told the club’s official website: “We have one of the best young management partnerships in Gianfranco Zola and Steve Clarke and the team has evolved with a great mix of experience and young players coming through from the Academy.
“I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting based on revenues generated by West Ham United.
“It will be my job to help facilitate this continued progress 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.”
West Ham’s CEO Scott Duxbury, said: “I am delighted to say that West Ham United has been sold in an agreement that will secure the long-term future of this football club.
“Change is always unsettling, but I believe the new owners led by Andrew Bernhardt will bring stability to West Ham United and I hope all our staff and fans will join me in welcoming them to our club. At the same time, my best wishes and thanks go to Bjorgolfur Gudmundsson and Asgeir Fridgeirsson.
“This will allow us all to concentrate on next season and beyond, with Gianfranco Zola, technical director Gianluca Nani and I working to build on what we have achieved.
“We are all committed to a long-term vision. We are playing great football, have our Academy at the heart of the club and are looking to the past to move forward in the right way. I can assure all fans that I will never lose sight of this. I am determined to bring success to West Ham United.”