West Ham United is under new ownership with asset management group CB Holding taking control of the Upton Park outfit.
Andrew Bernhardt, the majority shareholder in CB Holding, has been named as the new non-executive chairman of the Hammers.
Former owner and chairman Bjorgolfur Gudmundsson and his vice-chairman Asgeir Fridgeirsson have stepped down with immediate effect.
There had been concerns for the future of the club following the global economic crisis which crippled Gudmundsson's finances.
But with a sale to CB Holding, the majority of which is owned by Straumur-Burdaras Investment bank, now completed West Ham can look ahead with renewed optimism.
New chairman Bernhardt, a senior director with Straumur Bank, has already given his full backing to manager Gianfranco Zola and has pledged to provide funds to strengthen his squad over the summer.
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