West Ham United sold

The deal was not unexpected, with Gudmunsson desperate to sell after he saw his personal fortune drastically cut by the recession.

Straumur were one of his main creditors and it seems the deal was the best option for him and the club.

Gudmunsson has stepped down as chairman, while vice-chairman Asgeir Fridgeirsson has also left the club.

A new non-executive club chairman, Andrew Bernhardt, a senior director with Straumur Bank, has been appointed. He has promised manager Gianfranco Zola will have transfer funds available over the summer.

He said: "I am delighted that an agreement has been reached and look forward to working with chief executive 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."

Scott Duxbury said: "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."

Gudmundsson's departure brings to a close an eventful chapter in West Ham's history.

He bought the club in autumn 2006 and soon dismissed then manager Alan Pardew as the team struggled in the Premier League.

Alan Curbishley was brought in as manager and guided the Carlos Tevez-inspired team to safety on the last day of the season.

But controversy was never far away and the Irons were slapped with a £5.5million fine in April 2007 by the Premier League over irregularities in the signing of Tevez and fello Argentinian Javier Mascherano.

The club was then sued by relegated Sheffield United over the affair and an independent tribunal decided last year that the Blades should be paid compensation, a figure estimated to be in the region on £25million.

And the affair is still rumbling on as the FA investigate comments made to them at the 2007 hearing by members of the Hammers' hierarchy.

Gudmunsson 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."