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West Ham Takeover Deal Completed

18/6/2009
A new takeover deal at cash-strapped Premier League side West Ham United was concluded this week after current chairman Bjorgulfor Gudmundsson and vice-chairman Asgeir Fridgeirsson agreed to step down from their posts.

The running of the club will now be in the hands of the asset management company CB Holding, with Andrew Bernhardt taking over as the new non-executive chairman. Bernhardt is a senior director with Iceland’s Straumur Bank, who are the major share-holders involved with CB Holding.

On being appointed, Bernhardt told the club’s website: “I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting.” He also reassured fans that current manager Gianfranco Zola and his assistant Steve Clark remain integral to the company’s long-term plans for the club.

"CB Holding has no intention of changing the executive management or direction of this club," explained Bernhardt. "It will be my job to help facilitate this continued process on the pitch, while ensuring the club's success is built on a strong financial footing.”

West Ham enjoyed a positive campaign last season and ultimately finished 9th in the Barclays Premier League, but fears over the club’s financial position lead papers to speculate that they would be forced to sell off their best players in order to balance the books this summer.

However, CB Holding’s takeover now looks to have put the Hammers on safer foundations and the club will now presumably look to target qualification for European football next season.
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