London: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 Premier League club 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.