WHUFC.com
West Ham United can confirm the club has been sold in an agreement that will
secure its long-term future
08.06.2009
West Ham United can confirm the club has been sold in an agreement that will
secure its long-term future and allow it to remain a force in the top-flight
of English football.
CB Holding, the majority of which is owned by Straumur-Burdaras Investment
bank, has completed the purchase of West Ham United and its subsidiaries. As
a result, Owner and Chairman Bjorgolfur Gudmundsson and his Vice-Chairman
Asgeir Fridgeirsson have stood down with the club's best wishes.
The new Non-Executive Club Chairman will be Andrew Bernhardt, a senior
director with Straumur Bank who is the majority shareholder in CB Holding,
an asset management group.
West Ham United Non-Executive Club Chairman Andrew Bernhardt said: "I am
delighted that an agreement has been reached and look forward to working
with CEO Scott Duxbury and his team in the coming years. 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. 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.
"CB Holding fully supports the executive management of the club and
acknowledges the considerable progress achieved this season by Scott Duxbury
and Gianfranco Zola. CB Holding has no intention of changing the executive
management or direction of the club."
West Ham United CEO Scott Duxbury said: "I am delighted to say that West Ham
United has been sold in 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. At
the same time, my best wishes and thanks go to Bjorgolfur Gudmundsson and
Asgeir Fridgeirsson.
"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."
Bjorgolfur Gudmundsson, former Chairman of West Ham United, said: "I want to
thank everybody at Upton Park for unforgettable years. The players, fans,
management and staff have all contributed immensely to a period of progress,
a period where the club has sharpened its vision, strengthened the first
team with young homegrown talents and laid a solid foundation for
self-sustainable operations of West Ham United as a strong Premier League
football club.
"As my fortunes have changed I now have to withdraw from the board of
directors. I do that with a great regret but I am convinced that this change
of ownership and control of West Ham United will advance the club in the
present circumstances. I wish the new chairman and all involved at Upton
Park all good fortunes and great success in future. I will remain forever a
West Ham fan and hope I will have many returns to Upton Park."
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