The English football club West Ham United has been bought for an undisclosed sum by CB Holding, a unit of Iceland's bailed out Straumur-Burdaras bank.
Andrew Bernhardt, a senior director at Straumur, will become the club's new non-executive chairman but says there are no plans for an immediate shake-up of the east London club, who finished ninth in the Premier League this season.
The West Ham chief executive officer Scott Duxbury says there is an agreement that will secure the long-term future of this club.
The takeover follows the collapse of the business empire of former owner Bjorgolfur Gudmundsson, who bought West Ham in 2006 for about $220 million and who had borrowed heavily from the Icelandic bank. He has now left the club.
The future of Straumur is also in the hands of its creditors after Iceland's financial authorities took it over in March.