CB Holding has finalised their takeover of East-end based West Ham United on June 8. Owner Bjorgolfur Gudmundsson has resigned from the club's board, allowing for the Hammers to be taken over by asset management company CB Holding.

CB Holding, the majority shareholder of which is Straumur-Burdaras Investment Bank  (Straumur), has acquired WH Holding Ltd. as well as its affiliated subsidiaries, including West Ham United FC plc, according to an official statement released on the club's website.

Previous owner and chairman Bjorgolfur Gudmundsson, who lost his fortune in the credit crunch, and vice-chairman Asgeir Fridgeirsson, have both left the club.

For the moment, the new non-executive chairman will be Andrew Bernhardt, a senior director with 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."

"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."

"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" he said.