The takeover looks set to secure West Ham's future, which had been in some doubt, as the credit crunch wiped out the vast majority of the Owners fortunes.
As a result of the long predicted take-over Owner and Chairman Bjorgolfur Gudmundsson and his Vice-Chairman Asgeir Fridgeirsson have relinquished their posts and are longer part of the running of the club.
The new Non-Executive Club Chairman of the club is going to Andrew Bernhardt, a senior director with Straumur Bank who is the majority shareholder in CB Holding.
