The company which has taken over West Ham has said their intervention was necessary to “protect the club from financial problems”, stating it had no other option than to move in.
The Hammers announced on Monday that CB Holding had purchased Bjorgolfur Gudmundsson’s share in the Premier League outfit, thus preventing what had been widely rumoured as a potential fire sale of players at Upton Park.
CB Holding’s arrival came with assurances that Gianfranco Zola and Steve Clarke would remain in charge, as well as provisions for new signings this summer.
"We simply had to do this, we are not taking over a football club to have some fun," said Georg Andersen, a spokesman for Icelandic bank Straumur which owns 70 percent of CB Holding.
"Straumur, as a rule, is not in the business of running football clubs. We had to do this to protect the club from financial problems because of Hansa's problems. We did not have any other option. That being said, if we are going to do it then we are going to do it properly.
"We realised that the way the markets are right now there is no way that the club could be sold for what we believe it is worth."
Andersen explained there had been at least two external parties interested in buying the club from Gudmundsson, but said their inquiries ultimately failed to get off the ground.
"Nothing has come of it. We did not have the ownership or control until today [Monday] but as major creditors we have been informed as to what has been going on," he added.
"We will work with the present management and the plan that has been put in place by [chief executive] Scott Duxbury and [manager] Gianfranco Zola for the next two or three years and then try and see if there is an owner who is capable of taking the club forward.
"We believe in the plan and we believe that progress will continue to be made. We want to continue along the path that has been started."
Andersen continued to assure West Ham fans that his company was not interested in making a quick buck.
"We are not here for a short-term game but want the club to do well and progress," Andersen said, before confirming Gudmundsson's involvement in the East London outfit has completely ceased.
"He has resigned and is no longer connected with the club. We have not released details of the deal but it's kind of obvious. Although it has been very complicated with the documentation we have had to go through, it is also very simple at the end of the day."