Erstwhile owners of Birmingham City, David Gold and David Sullivan, have taken over the running of West Ham United. Their 50 per cent holding gives them final say on all decisions at the club.
Sullivan and Gold will become joint-chairmen, and Karren Brady – also previously of Birmingham City – will become vice-chairman.
Sullivan told the BBC: "We're taking on a huge task at a club with enormous problems and it will take time for us to turn it around.”
Scott Duxbury will no longer be chief executive with Sullivan and Brady running the club.
Sullivan added: "We have short-term goals and long-term goals. In the short term, we want to stay in the Premier League and in the long term we would like to be challenging for the top four and the Champions League."
He also said: "Myself and David Gold will be honest with the fans about the books, the imbalance of the squad and the crazy wages the Icelandic owners paid out that has brought the club to its knees.
"But this is an important day for us. For 20 years, this is the club we wanted. The club is now back in the hands of East Enders, people who understand the community and its passion for the Hammers.
"I believe that depth of feeling will also bring us through what has been a difficult period."
It was confirmed that Gianfranco Zola would remain in place as team manager.
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