Originally Posted by BBC Sport

West Ham takeover deal completed


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West Ham have been taken over by asset management company CB Holding.

Chairman Bjorgolfur Gudmundsson and vice-chairman Asgeir Fridgeirsson have resigned from the club's board.

The new non-executive chairman will be Andrew Bernhardt, a senior director with Iceland's Straumur Bank, which is the major shareholder of CB Holding.

He told the club's website: "I can assure fans we will sanction investment in new players but all within the parameters of sensible budgeting."

Bernhardt also made it clear that the football management team of Gianfranco Zola and Steve Clarke remain central to their plans for the club.

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

"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.