West Ham sold to Icelandic banks

West Ham have been sold to a group of Icelandic banks in a deal understood to be worth just over £100m.

The new owners are CB Holding, a company mainly owned by the Straumur-Burdaras investment bank who have appointed one of their senior directors Andrew Bernhardt as the new non-executive chairman.

The new regime have moved swiftly to assure manager Gianfranco Zola and his assistant Steve Clarke that their jobs are safe and that some funds will be made available for transfers. Chief executive Scott Duxbury will also remain at the club.

Bernhardt said in a statement: "I am delighted that an agreement has been reached and look forward to working with Scott Duxbury and his team in the coming years.

"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."

Previous owner and chairman Bjorgolfur Gudmundsson, who lost his fortune in the credit crunch, and vice-chairman Asgeir Fridgeirsson have both left the club.

Bernhardt insisted that he viewed the Hammers as already being on the right course.

He added: "CB Holding fully supports the executive management of the club and acknowledges the considerable progress achieved this season by Scott Duxbury and Gianfranco Zola. CB Holding has no intention of changing the executive management or direction of the club."

Duxbury insisted that the uncertainty of recent months had not been laid to rest.

He said: "This is 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."

Gudmundsson expressed regret at being forced to end his ties with the club.

He said: "I want to thank everybody at Upton Park for unforgettable years. The players, fans, management and staff have all contributed immensely to a period of progress, a period where the club has sharpened its vision, strengthened the first team with young homegrown talents and laid a solid foundation for self-sustainable operations of West Ham United as a strong Premier League football club.

"As my fortunes have changed I now have to withdraw from the board of directors. I do that with a great regret but I am convinced that this change of ownership and control of West Ham United will advance the club in the present circumstances."

News
More than 90 years of car history are coming to an end with the abolition of the paper car-tax disc
newsThis and other facts you never knew about the paper circle - completely obsolete today
News
people'I’d rather have Fred and Rose West quote my characters on childcare'
Life and Style
The new Windows 10 Start Menu
tech
Arts and Entertainment
There has been a boom in ticket sales for female comics, according to an industry survey
comedyFirst national survey reveals Britain’s comedic tastes
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Travel
Bruce Chatwin's novel 'On the Black Hill' was set at The Vision Farm
travelOne of the finest one-day walks you could hope for - in Britain
Sport
footballManchester City 1 Roma 1: Result leaves Premier League champions in danger of not progressing
Arts and Entertainment
Gay and OK: a scene from 'Pride'
filmsUS film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
News
i100
Life and Style
Magic roundabouts: the gyratory system that has excited enthusiasts in Swindon
motoringJust who are the Roundabout Appreciation Society?
Arts and Entertainment
Hilary North's 'How My Life Has Changed', 2001
booksWell it was good enough for Ancient Egyptians and Picasso...
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?