Former Birmingham owners David Sullivan and David Gold have completed their takeover of West Ham.
Sullivan and Gold sold Birmingham City to Carson Yeung earlier this season and Sullivan confirmed the Hammers takeover in an interview with BBC Radio 5 Live.
"We will spell out the book we are taking over, " said Sullivan. "The imbalance in the squad and the crazy wages the Icelandics were paying that brought the club to its knees."
Sullivan confirmed that Karren Brady, who was managing director at Birmingham, will become vice-chairman at Upton Park.
Sullivan and Gold became the favourites to buy the east London club after rival Tony Fernandes, chief executive of AirAsia and team principal of the new Lotus F1 team, pulled out of the race.
Sullivan admitted the fact that the pair are Hammers fans had a big influence on their desire to get involved at Upton Park.
He told Sky Sports News: "I don't think we would have bought West Ham if we weren't fans.
"We have a seven-year plan to get West Ham into the Champions League and turn them into big club.
"We represent east London and Essex and we are deeply and passionately involved with West Ham. It's where we have always wanted to be.
"We plan to spend a lot of money and we hope to persuade the government to let us move to the new Olympic Stadium, and I believe the people of east London would support that move."
Sullivan also confirmed that Gianfranco Zola will remain as manager at Upton Park.
"He is staying, and I will be sitting down with him tonight to work on some transfers as we realise as fans that the team needs a few additions."
Sullivan also said that he and Gold would welcome additional investors.
"I say to anyone else out there, if they want to get involved they are most welcome. It's a long-term job and we want people to come and join us. We welcome other investors."