West Ham taken over but future remains unclear

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Icelandic investment back Straumur is the majority shareholder in CB Holding and one of its senior directors, Andrew Bernhardt, will now run the club.

Georg Andersen, Straumur's head of corporate communications, claimed West Ham would have gone into bankruptcy in the next 24 hours if they had not completed the takeover today.

He said: "I am not going to bullshit anyone and say we are going to own the club forever. We honestly believe there is no buyer out there willing to pay the true value of the club at the moment. We are realisitic enough to know that we will have to hold to the club for some time — a couple of years, maybe even more — to do so."

Straumur, who has itself hit financial problems in the global recession and is now run by the Icelandic Government, will insist that the club remain self-financing which means manager Gianfranco Zola will have to sell before he can buy.

Straumur is expected to hold on to the Premier League club for the forseeable future until the financial climate improves and then seek investors.

Bernhardt insisted that Zola would remain in his position and said: "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."