The company taking control of West Ham United has pledged not to sell the club for at least the next three years and will allow them to operate without any outside interference, reports the Daily Telegraph. Straumur, the Icelandic bank, will take a 75 per cent stake in West Ham, with other creditors owed money by the collapse of Hansa, the club's holding company, assuming the rest of the ownership from the present owner Bjorgolfur Gudmundsson, who will step down as chairman.

The bank, which has effectively been running the club for the past 18 months due to Gudmundsson's financial difficulties, will form a holding company and appoint a new non-executive chairman, probably one of its own executives.