Owner Bjorgolfur Gudmundsson has bought the shares and he will now take full control of the club.
He told the official site, "We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC.
"This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.
"My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field.
"I am particularly delighted that we have been able to take the first real step in our plans for a new stadium, which is crucial to the long-term ambitions of the club.
"As incoming club chairman I recognise the responsibility that comes with this role and I know that view is shared by all the members of the board. Today marks the next step in the development of this great club and we are all proud to be part of something so special."