David Sullivan and David Gold increase West Ham stake

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Sullivan and Gold, who previously owned Birmingham, bought the Hammers from financially-stricken Icelandic group CB Holdings in January.

Today they have both increased their share of the club from 25 to 30 per cent at a cost of £8million, with £4m going to CB Holdings and the other half to the club.

Sullivan said in a statement on the club website: "Myself and David Gold are, like you, West Ham fans and our aim is to ensure our club enjoys a stable future."

Sullivan and Gold made public the scale of West Ham's financial problems following their takeover, putting a £110m figure on the club's debts.

CB Holdings still own 40 per cent of the Hammers but Sullivan and Gold have a three-year option to buy those shares while they have also been seeking external investment.

Sullivan added: "We have a long-term intention of increasing our shareholding, while we have also invited professional investors to share in our vision for this club. Also, we hope to extend to fans the opportunity to invest in the club.

"We are committed to putting West Ham on a firm financial footing that will form the basis, we hope, for success both on and off the pitch."

Meanwhile, Avram Grant is now expected to be named as the Italian's successor next week, following his resignation as Portsmouth boss.

Grant is currently on holiday with his family but is understood to have agreed in principle to join the Hammers.

Grant was top of a shortlist which was thought to have included Blackburn's Sam Allardyce, Blackpool's Ian Holloway and Cardiff's Dave Jones.

Grant worked wonders at relegated Portsmouth, taking the club to the final of the FA Cup, where they lost 1-0 to Chelsea.

The Israeli won many plaudits for the way he rallied the side when many of the players had their wages paid late and the club went into administration.