Gold and Sullivan take control of West Ham

Former Birmingham City owners David Sullivan and David Gold have taken over West Ham. The pair have bought a 50 per cent stake in the club and have an option to acquire the remaining shares.

Their first act was to install Karren Brady, who was managing director at Birmingham, as vice-chairman and to confirm that they were keeping Gianfranco Zola as manager.

West Ham has a turbulent recent history. It was bought by Icelandic businessman Bjorgolfur Gudmundsson in 2006, with the promise of Champions League football ahead. But when the Iceland's banking system collapsed so did his business empire and control of the club, which was left with debts of £80m, was handed to a new company called CB Holdings, 70 per cent owned by Icelandic bank Straumur.

Sullivan and Gold have now acquired half the club and will have final say on its running. The pair have a mixed reputation, partly down to their porn empire. Sullivan owns the Daily Sport newspaper, Gold runs the Anne Summers chain of shops and both have been involved in the adult magazine industry.

The pair left Birmingham City in November after a takeover by Hong Kong businessman Carson Yeung and have been pursuing West Ham since then. They have outlined a seven-year plan to take the club into the Champions League and claim that they would not have bought West Ham had they not been supporters.

Sullivan admitted that the club was in a "serious mess" but added: "Myself and my partner 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."

They beat off competition from other suitors including Lotus F1 chief Tony Fernandes, who withdrew from the race on Monday night,  finance firm Intermarket and Italian entrepreneur Massimo Cellino. ·