West Ham Changes Owners

West Ham United have confirmed that ownership of the club has been passed to CB Holding. The Independent claim that the club has been sold ' in a deal understood to be worth just over £100m.'

A statement issued by the club says,

"CB Holding, the majority of which is owned by Straumur-Burdaras Investment bank, has completed the purchase of West Ham United and its subsidiaries. As a result, Owner and Chairman Bjorgolfur Gudmundsson and his Vice-Chairman Asgeir Fridgeirsson have stood down with the club's best wishes.

The new Non-Executive Club Chairman will be Andrew Bernhardt, a senior director with Straumur Bank who is the majority shareholder in CB Holding, an asset management group."

CB Holding say that they will that they will invest in new players "within the parameters of sensible budgeting based on revenues generated by West Ham."