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West Ham United statement

West Ham United can confirm the club has been sold in an agreement that will
secure its long-term future

08.06.2009

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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-fligh
t of English football.

CB Holding, the majority of which is owned by Straumur-Burdaras Investment b
ank, has completed the purchase of West Ham United and its subsidiaries. As
a result, Owner and Chairman Bjorgolfur Gudmundsson and his Vice-Chairman As
geir Fridgeirsson have stood down with the club's best wishes.

The new Non-Executive Club Chairman will be Andrew Bernhardt, a senior direc
tor with Straumur Bank who is the majority shareholder in CB Holding, an ass
et management group.

West Ham United Non-Executive Club Chairman Andrew Bernhardt said: "I am del
ighted that an agreement has been reached and look forward to working with C
EO Scott Duxbury and his team in the coming years. We have one of the best y
oung management partnerships in Gianfranco Zola and Steve Clarke and the tea
m has evolved with a great mix of experience and young players coming throug
h from the Academy.

"I can assure fans we will sanction investment in new players, but all withi
n the parameters of sensible budgeting based on revenues generated by West H
am United. It will be my job to help facilitate this continued progress on t
he pitch, while ensuring the club's success is built on a strong financial f
ooting. We have an initial two-year plan which includes improving the infras
tructure at the club and we will be getting to work on this as soon as the n
ew board is appointed.

"CB Holding fully supports the executive management of the club and acknowle
dges the considerable progress achieved this season by Scott Duxbury and Gia
nfranco Zola. CB Holding has no intention of changing the executive manageme
nt 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 ow
ners led by Andrew Bernhardt will bring stability to West Ham United and I h
ope all our staff and fans will join me in welcoming them to our club. At th
e same time, my best wishes and thanks go to Bjorgolfur Gudmundsson and Asge
ir Fridgeirsson.

"This will allow us all to concentrate on next season and beyond, with Gianf
ranco 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 t
o the past to move forward in the right way. I can assure all fans that I wi
ll never lose sight of this. I am determined to bring success to West Ham Un
ited."

Bjorgolfur Gudmundsson, former Chairman of West Ham United, said: "I want to
thank everybody at Upton Park for unforgettable years. The players, fans, m
anagement and staff have all contributed immensely to a period of progress,
a period where the club has sharpened its vision, strengthened the first tea
m with young homegrown talents and laid a solid foundation for self-sustaina
ble 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 direct
ors. I do that with a great regret but I am convinced that this change of ow
nership 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 go
od fortunes and great success in future. I will remain forever a West Ham fa
n and hope I will have many returns to Upton Park."
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FROM 124.205.76.*