Premier League club West Ham sold to company majority owned by bailed-out Icelandic bank

West Ham sold to company owned by bailed-out bank

LONDON — Premier League club West Ham has been sold to a company owned by Straumur Burdaras Investment Bank.

The Icelandic government took control of Straumur in March after it became one of the country’s last major banks to collapse after running out of liquidity.

The team said Monday that the sale to asset management group CB Holding secures its long-term future.

West Ham chairman Bjorgolfur Gudmundsson, who is leaving the Hammers, had been looking to sell them following the collapse of Icelandic bank Landsbanki, in which he had a 41 percent stake.

The new non-executive club chairman will be Andrew Bernhardt, a senior director with Straumur Bank who is the majority shareholder in CB Holding.