Icelandic banks complete takeover of West
Ham
• Zola and Clarke assured of their futures at club
• New owners promise investment in new players
West Ham have been taken over by an asset management
company, CB Holdings, a subsidiary of its main creditor, the
Icelandic bank Straumur. The club had been up for sale but had been
unable to find a buyer and the move to Straumur, which was reported
to have been owed £100m by the West Ham owner Bjorgolfur
Gudmundsson, should safeguard their future.
The new owners have appointed one of their senior directors
Andrew Bernhardt as the new non-executive chairman. CB Holdings —
the CB standing for ‘Claret and Blue’ — is a special purpose
vehicle, created specifically to take over the running of the club.
It is 70% owned by Straumur and 30% owned by three other Icelandic
banks — NP, Byr and Landsbanki.
The new regime have moved swiftly to assure the Hammers manager
Gianfranco Zola and his assistant Steve Clarke that their jobs are
safe and that some funds will be made available for transfers. The
chief executive Scott Duxbury will also remain at the club.
“I am delighted that an agreement has been reached and look
forward to working with Scott Duxbury and his team in the coming
years,” Bernhardt said in a statement. “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.
The previous owner and chairman Bjorgolfur Gudmundsson, who lost
his fortune in the credit crunch, and vice-chairman Asgeir
Fridgeirsson have both left the club.
“This will allow us all to concentrate on next season and
beyond, with Gianfranco Zola, technical director Gianluca Nani and
I working to build on what we have achieved. We are all committed
to a long-term vision. We are playing great football, have our
academy at the heart of the club and are looking to the past to
move forward in the right way. I can assure all fans that I will
never lose sight of this. I am determined to bring success to West
Ham United.”
