Gold and Sullivan take over West Ham

Former Birmingham owners David Gold and David Sullivan have taken control of West Ham after acquiring a 50 percent stake in the English Premier League club, they confirmed on Tuesday.

The announcement came after Tony Fernandes, the chief executive of AirAsia and the boss of the Lotus Formula One team, confirmed that he had pulled out of the race.

The Malaysian businessman posted a message on Twitter which read: “Deal lost on West Ham. Hopefully new owners protect what’s good. We gave awesome deal and new ideas to rejuvenate a club and bring excitement.”

Sullivan and Gold will have the final say in the running of the club although CB Holdings, the current owner which is headed by Icelandic bank Straumur, retains a 50 percent stake.

The two businessmen have been working towards a takeover of West Ham since leaving Birmingham in November following the sale of their controlling interest in that club to Hong Kong businessman Carson Yeung.

The duo have promised that they will provide funds for manager Gianfranco Zola to bolster his relegation-threatened squad in the current transfer window, but Sullivan also warned that they would seek to address the “imbalance in the squad and the crazy wages” the club has been paying.