WEST Ham will not have to sell players to balance the books, the club's new chairman has claimed.

New owners took over the Hammers on Monday to stop the club from going bust.

Speaking almost a week after the takeover, the Irons new non-executive chairman Andrew Bernhardt dismissed reports that the club will have to sell to survive.

He said: "That is absolutely untrue.No business likes to have debts, but with a £100m turnover, increased TV revenues and a focussed commercial operation, the club is on a sound financial footing.

"The wage bill has been reduced and the settlement with Sheffield United budgeted for.

"I can assure fans that Gianfranco absolutely does not have to sell any players for financial reasons and new players will be arriving in the summer to augment what is already a strong playing staff."

On Monday, control of West Ham transferred to a consortium of firms owed money by Hansa, the previous owner of the Upton Park outfit.

It has told fans it wants to sell the club as quickly as possible in order to recoup some of the cash it is owed by Hansa.

The consortium is called CB Holdings and it takes the place of the now defunct Hansa.

The takeover meant that chairman Bjorgolfur Gudmundsson and vice-chairman Asgeir Fridgeirsson have been booted out.

New owner CB Holdings is 70 per cent owned by Icelandic bank Straumur.

The bank was itself bailed out by the Icelandic government in March, when it collapsed under the weight of bad debt it acquired during the credit bubble.

It was the last of the country’s four major banks to collapse during the credit crunch.

In October last year, the country of Iceland itself was declared effectively bust too.

The deal means that Icelandic taxpayers today part own West Ham.

But Mr Berndhardt is optimistic about West Ham's future.

"The club has a buzz about it, from the people you meet in reception to those involved in the first team.I have complete faith in how CEO Scott Duxbury and Gianfranco work together in improving the squad without external investment.

"Scott's self-sufficient business model is sensible and prudent in these challenging times and will deliver success. I am confident there are strong foundations we can all build on," he said.