West Ham have confirmed the club has been taken over by asset management company CB Holding, with chairman Bjorgolfur Gudmundsson and vice-chairman Asgeir Fridgeirsson resigning from the board.
The new non-executive chairman will be Andrew Bernhardt, a senior director with Iceland's Straumur Bank, which is the major shareholder of CB Holding.
He told the club's website: "I can assure fans we will sanction investment in new players but all within the parameters of sensible budgeting."
Bernhardt also made it clear that the football management team of Gianfranco Zola and Steve Clarke remains central to their plans for the club. "CB Holding has no intention of changing the executive management or direction of this club," added 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.
"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."
After a period of uncertainty at Upton Park, remaining chief executive Scott Duxbury added: “This is an agreement that will secure the long-term future of this football club.
"Change is always unsettling but I believe the new owners led by Andrew Bernhardt will bring stability to
West Ham United, and I hope all our staff and fans will join me in welcoming them to our club.”
Depating chairman Gudmundsson, who lost out heavily in the credit crunch, commented: "I want to thank everybody at Upton Park for unforgettable years. As my fortunes have changed I now have to withdraw from the board of directors.
"I do that with great regret but I am convinced this change of ownership and control of West Ham will advance the club. I will remain forever a West Ham fan and hope I will have many returns to Upton Park."
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