English Premier League side West Ham United announced Monday they'd been sold to an asset management group where the majority stake is held by an Icelandic bank. The London side hope the deal, worth a reported 100 million pounds (158 million dollars), with CB Holding will secure their financial future. This was in doubt after previous owner and chairman Bjorgolfur Gudmundsson saw much of his personal fortune wiped out as a result of the Icelandic banking crisis caused by the global credit crunch. Gudmundsson and vice-chairman Asgeir Fridgeirsson have both left the club. The majority stake in CB Holding is owned by Straumur-Burdaras, an Icelandic-based investment bank. West Ham's new non-excutive chairman will be Andrew Bernhardt, a senior director with Straumur Bank. Bernhardt told the club's website: “I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting.” He added he foresaw no need to change the club's manager Gianfranco Zola, after the former Italy striker guided the Hammers to a creditable ninth place in the Premier League last season, or its chief executive, Scott Duxbury. “CB Holding has no intention of changing the executive management or direction of this club,” Bernhardt said. “It will be my job to help facilitate this continued process 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 was, the BBC reported, set up by the creditors of Hansa, West Ham's holding company. Newcastle up for sale Newcastle United owner Mike Ashley officially put the club up for sale at a cut-price 100 million pounds ($158.9 million) on Monday in a small-ads style statement on the team's website. “The board of Newcastle United can today confirm that the club is for sale at the price of 100 million,” the statement said on the site (www.nufc.premiumtv.co.uk). “Interested parties should contact Newcastle United at [email protected] (or Keith Harris at (investment bankers) Seymour Pierce) for further details.” Last month Ashley said he had made “terrible decisions” in the running of the club, who have been relegated from the Premier League, and wanted to sell as soon as he could. Ashley, who became a near-billionaire when he floated his sports equipment retail business on the stock market in 2007, bought Newcastle for 134 million pounds and ploughed in another 100 million. He tried to sell the club for 400 million pounds last year but could not find a buyer.
