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.