West Ham has been taken over by an asset management company, CB Holdings, a subsidiary of its main creditor, the Icelandic bank Straumur. The club had been up for sale but unable to find a buyer. The move to Straumur, which former West Ham owner Bjorgolfur Gudmundsson reportedly owed $160 million, should safeguard the club's future. CB Holdings – the CB standing for 'Claret and Blue' – is a special purpose vehicle created specifically to take over the running of the club. It is 70 percent owned by Straumur and 30 percent owned by three other Icelandic banks – NP, Byr and Landsbanki.