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Former Birmingham City owners David Gold and David Sullivan have taken control of West Ham United.

A 50% holding, valuing the Premier League club at £105m, gives them the final say on all matters at the club.

Sullivan said Gianfranco Zola will remain as Hammers boss and Karren Brady will join as vice-chairman.

"We're taking on a huge task at a club with enormous problems and it will take time for us to turn it around," Sullivan told BBC Radio 5 live.

The deal has been done in Sullivan's name but he and Gold have been named as West Ham's joint chairmen.

Scott Duxbury has stood down as chief executive, BBC Sport understands, with Sullivan and Brady taking over the day-to-day running of the club.

Sullivan added: "We have short-term goals and long-term goals. In the short term, we want to stay in the Premier League and in the long term we would like to be challenging for the top four and the Champions League."

Asked if there was money available for new players as the club looks to pull away from the relegation zone, Sullivan responded: "There will be some transfer funds available to the manager this month.

"January is not the best time to buy players - you don't get many bargains - but the club has such an unbalanced squad, players will have to be bought, loaned or acquired.

"Myself and 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.

"But this is an important day for us. For 20 years, this is the club we wanted. The club is now back in the hands of East Enders, people who understand the community and its passion for the Hammers.

"I believe that depth of feeling will also bring us through what has been a difficult period."

The deal concludes a long-running saga over who will succeed CB Holding, which has indicated the club is £38m in debt, as owners of West Ham.

Lotus F1 chief Tony Fernandes pulled out of the race on Monday night, while finance firm Intermarket and Italian Massimo Cellino were also interested.

However, Sullivan is still keen for Fernandes - and others - to invest in the club as he and Gold look to attract wealthy investors to the Hammers.

Anyone who wants to be put £10m or £15m into club can buy 10 or 15% of the club and come along and join us

David Sullivan
"We have bought 50% and I have an option to buy the other 50%. If they [wealthy fans] want to get involved with West Ham they will be very welcome," he confirmed.

"Anyone who wants to be put in £10m or £15m can buy 10 or 15% of the club and come along and join us.

"We will be approaching Tony [Fernandes] in the hope that he will join us in a kind of national unity purchase of West Ham. We will welcome other investors."

Gold and Sullivan, who left Birmingham City in November following Hong Kong businessman Carson Yeung's takeover, have been determined suitors of the Hammers for several months.

They once held shares in the club and boast the liquid assets required to deal with the club debt.

606: DEBATE
As long as Gold and Sullivan back Zola and Clarke (which I'm sure they will) I will be happy

Gasheadnaboo
The main shareholder in CB Holding is Icelandic bank Straumur, which retains the other 50% in the club and is in no hurry to sell, BBC Sport understands.

At one stage, Fernandes was seen as the favourite to take over but admitted defeat on Monday evening when he told his Twitter feed: "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."

West Ham had effectively suspended any activity in the January transfer window until the takeover situation is resolved.

Former Chelsea favourite Zola and assistant Steve Clarke took the managerial reins at West Ham in September 2008 following Alan Curbishley's acrimonious departure from the club.

The pair guided West Ham to ninth in the table last season after a sticky start. The Hammers are currently 16th in a season that has been plagued by injuries and off-the-field distractions.

Zola proud of 'unbelievable' West Ham
But Sullivan is confident Italian Zola can turn the club around on the pitch and stated: "West Ham need stability after all the recent upheavals.

"We appointed four managers and parted company with two at Birmingham in 16 years. We believe in our managers and give them the time and support they need."

That will be welcome news to Zola who, speaking on Friday, said: "I know I can do this job but you always have to prove yourself every day.

"I am not going to go to anyone and say 'look, I am doing well'. The results do the talking. If what I am doing is not good enough on the pitch it is right they change."

BBC Website

Nice to have the club back in the hands of eastenders - just hope they know what they're taking on.

I will be there with my bro Very Happy