GIANFRANCO ZOLA will plough on with his plans to buy three new players after West Ham were sold to a group of Icelandic banks in a deal worth about £100million.
PLAN OF ACTION: Business starts now for Zola and assistant Steve Clarke
The takeover by asset management company CB Holding will provide Zola with transfer funds, the ability to hold on to his best players and enhance long-term stability.
Hansa, West Ham’s holding company, had until yesterday to sell the club to prevent creditors from seizing its assets and forcing the sale.
There were fears for the club’s future following the global economic crisis, which badly damaged the finances of their then-owner and chairman Bjorgolfur Gudmundsson.
He and his vice-chairman Asgeir Fridgeirsson have stepped down with immediate effect.
The non-executive chairman will be Andrew Bernhardt, a senior director with Iceland’s Straumur Bank, the major shareholder of CB Holding.
Bernhardt said: “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.”
But although they have just implemented a takeover, CB Holding have admitted they will consider offers for the club [chappellg: Inline note: in the future ] [chappellg: Inline note: in the future ] .
The company is made up of financial institutions owed money by Gudmundsson, including the bank Straumur.And Georg Andersen, its head of corporate communications and spokesman for CB Holding, said: “Every club is for sale at the right price.
“But we don’t believe there is a buyer out there willing to pay what we believe is the correct value of the club and don’t believe there’s a buyer for the next two to three years.
“Because of that, we are actively not seeking any buyers. We expect to hold on to the club for some time, two years, even longer.
“We are not thinking about selling the club. We have a price somewhere in the back of our head but we don’t want to put a price tag on the club because as soon as you do that, it’s basically for sale.”
Zola has identified a defender, midfielder and striker to help take the club forward and is close to doing business.
He has already been linked with Rennes right-back Rod Fanni and Chilean striker Luis Jimenez, who plays for Inter Milan.
Zola, who has overseen the breakthrough of academy graduates James Tomkins, Jack Collison and Freddie Sears into the first team, wants to create a squad of about 21 players with three goalkeepers.
Zola’s belief is that a smaller, tightly knit group of players, younger and more experienced, will offer a better chance of progress than accommodating a much larger squad.
Zola and assistant Steve Clarke, who led the club to a ninth-place finish in the Premier League, are seen as key by the new owners.
Bernhardt said: “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.
“It will be my job to help facilitate this continued progress on the pitch, while ensuring 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.”
Scott Duxbury, who remains as chief executive, said: “This is 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.
“This will allow us all to concentrate on next season and beyond, with Zola, technical director Gianluca Nani and I working to build on what we’ve achieved. We are all committed to a long-term vision.”
Gudmundsson added: “I want to thank everybody at Upton Park for unforgettable years. As my fortunes have changed, I now have to withdraw from the board of directors. I do that with great regret, but I am convinced this change of ownership and control will advance the club.”
Former player and temporary manager Trevor Brooking said, welcomed the news.
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“The priority is to support Gianfranco and give him a bit of money to try and strengthen the squad – certainly from an attacking point of view – and to try and make them a viable Premier League club,” he said.
“That’s what hopefully will emerge from this deal that looks as if it has been resolved this week.
“Stability now seems to be the emphasis for the club.”
