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