West Ham United has been sold to a company called CB Holding for an undisclosed sum and a new chairman - Andrew Bernhardt - has been put in place.
CB Holding was put together by creditors of previous West Ham owner Bjorgolfur Gudmundsson, whose financial empire collapsed as a result of problems with the Icelandic banking and business sectors caused by the credit crunch.
George Andersen, spokesman for Straumur, one of Gudmundsson's largest creditors and 70% owner of CB Holding commented :
“Straumur, as a rule, is not in the business of running football clubs. We had to do this to protect the club from financial problems because of Hansa's problems. We did not have any other option. That being said, if we are going to do it then we are going to do it properly.”
Andersen went on to add that they intended to work with the current management structure of the club for 2-3 years and then see if there is a buyer capable of taking the club forward.
Post from: Premiership Today Football News
West Ham Sold To Holding Company
