Former Birmingham owners David Gold and David Sullivan have taken control of West Ham after acquiring a 50 per cent stake in the English Premier League club, they confirmed yesterday.
The announcement came after Tony Fernandes, Chief Executive of AirAsia and the boss of the Lotus Formula One team, confirmed that he had pulled out of the race.
The 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 per cent 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 they will provide funds for manager Gianfranco Zola to bolster his relegation-threatened squad in the transfer window, but Sullivan also warned that they would seek to address the "imbalance in the squad".
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.