English Premier League side West Ham United announced yesterday they’d been sold to an asset management group in which the majority stake is held by an Icelandic bank.
The London side hope the deal with CB Holding — worth a reported £100 million (US$158 million) — will secure their financial future. This was in doubt after previous owner and chairman Bjorgolfur Gudmundsson saw much of his personal fortune wiped out as a result of the Icelandic banking crisis caused by the global credit crunch.
Gudmundsson and vice chairman Asgeir Fridgeirsson have both left the club.
The majority stake in CB Holding is owned by Straumur-Burdaras, an Icelandic-based investment bank.
Andrew Bernhardt, a senior director with Straumur Bank, will be West Ham’s new non-executive chairman.
Meanwhile, Newcastle United announced yesterday they were up for sale at an asking price of £100 million.
The northeast side were relegated from the lucrative English Premier League on the final day of the season and owner Mike Ashley, who was almost forced out of the club by angry fans, has now decided to sell.
“The board of Newcastle United can today [Monday] confirm that the club is for sale at the asking price of 100 million pounds,” a club statement said. “Interested parties should contact Newcastle United [or Keith Harris at Seymour Pierce] for further details. The club will not be making any further comment at the present time.”
Ashley, a businessman who made his fortune running a chain of sports stores, had no prior connection with Newcastle before buying the club for £135 million in 2006.
He tried to find favor with the fans by attending matches at St James’ Park wearing a replica shirt and drinking pints of beer among the spectators. But he told the Sunday Times last month that he couldn’t wait to leave.
“It’s been catastrophic for everybody. I’ve lost my money and made terrible decisions,” he said.
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