David Sullivan has just spoken to Sky Sports, confirming he has bought West Ham for a 'large sum of money'.
He said that he and David Gold will be joint chairmen of West Ham and Karen Brady will be vice-chairman.
He said that there will be a press conference later today when he will explain the 'serious mess' that West Ham are in.
However Sullivan said that Zola is staying West Ham manager 'absolutely' and that he will be sitting down with the manager tonight to talk about transfer targets.
Sullivan said that there was a seven year plan to get Chapions League football at West Ham. Part of the plan is to persuade the government to allow West Ham to move into the Olympic Stadium after the 2012 Olympics.
Interestingly Sullivan also said that he will approach Tony (Fernandes) about his becoming involved in West Ham and that anyone who has £10-£15 million should approach him about becoming investors in West Ham.
Speaking to BBC Radio 5 Sullivan said,
"There will be some transfer funds available to the manager this month. January is not the best time to buy players - you don't get many bargains in January - but the club has such an unbalanced squad, players will have to be bought, loaned or acquired.
"Myself and my partner David Gold will be honest with the fans about the books, the imbalance of the squad and the crazy wages the Icelandic owners paid out that has brought the club to its knees.
This is an important day for us. For 20 years, this is the club we wanted."
A West Ham United statement on the official West Ham site quotes David Sullivan as saying,
"Our first priority has to be securing the Premier League status of West Ham. I believe the players at this club have shown great commitment in trying circumstances and the new board and I will get behind them in every way we can.
"We will also look to bring in new players to supplement the squad where needed once we have met with the manager."
David Sullivan will hold a media conference at the Boleyn Ground, Upton Park from 12.30pm today.