West Ham United can confirm the club has been sold in an agreement that will secure its long-term future and allow it to remain a force in the top-flight of English football.

CB Holding, the majority of which is owned by Straumur-Burdaras Investment bank, has completed the purchase of West Ham United and its subsidiaries. As a result, Owner and Chairman Bjorgolfur Gudmundsson and his Vice-Chairman Asgeir Fridgeirsson have stood down with the club's best wishes.

The new Non-Executive Club Chairman will be Andrew Bernhardt, a senior director with Straumur Bank who is the majority shareholder in CB Holding, an asset management group.

West Ham United Non-Executive Club Chairman Andrew Bernhardt said: "I am delighted that an agreement has been reached and look forward to working with CEO Scott Duxbury and his team in the coming years. We have one of the best young management partnerships in Gianfranco Zola and Steve Clarke and the team has evolved with a great mix of experience and young players coming through from the Academy.

"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. It will be my job to help facilitate this continued progress on the pitch, while ensuring the club's success is built on a strong financial footing. We have an initial two-year plan which includes improving the infrastructure at the club and we will be getting to work on this as soon as the new board is appointed.

"CB Holding fully supports the executive management of the club and acknowledges the considerable progress achieved this season by Scott Duxbury and Gianfranco Zola. CB Holding has no intention of changing the executive management or direction of the club."

West Ham United CEO Scott Duxbury said: "I am delighted to say that West Ham United has been sold in an agreement that will secure the long-term future of this football club. Change is always unsettling, but I believe the new owners led by Andrew Bernhardt will bring stability to West Ham United and I hope all our staff and fans will join me in welcoming them to our club. At the same time, my best wishes and thanks go to Bjorgolfur Gudmundsson and Asgeir Fridgeirsson.

"This will allow us all to concentrate on next season and beyond, with Gianfranco Zola, technical director Gianluca Nani and I working to build on what we have achieved. We are all committed to a long-term vision. We are playing great football, have our Academy at the heart of the club and are looking to the past to move forward in the right way. I can assure all fans that I will never lose sight of this. I am determined to bring success to West Ham United."

Bjorgolfur Gudmundsson, former Chairman of West Ham United, said: "I want to thank everybody at Upton Park for unforgettable years. The players, fans, management and staff have all contributed immensely to a period of progress, a period where the club has sharpened its vision, strengthened the first team with young homegrown talents and laid a solid foundation for self-sustainable operations of West Ham United as a strong Premier League football club.

"As my fortunes have changed I now have to withdraw from the board of directors. I do that with a great regret but I am convinced that this change of ownership and control of West Ham United will advance the club in the present circumstances. I wish the new chairman and all involved at Upton Park all good fortunes and great success in future. I will remain forever a West Ham fan and hope I will have many returns to Upton Park."