Hammers takeover completed

08 June 2009 09:28
West Ham United are under new ownership, with a buy-out of the Upton Park club having been completed. CB Holding, a company which is controlled by the Straumur-Burdaras Investment bank, have bought out the previous owners, who had suffered massive financial problems in recent months. The Irons' new non-executive chairman, Andrew Bernhardt, told the club's official website: "I am delighted that an agreement has been reached and look forward to working with chief executvie 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. "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."

Source: ESA