Bjorgolfur Gudmundsson has become sole owner of West Ham United after buying Eggert Magnusson's stake in the club.
Magnusson has sold his five per cent stake in the Hammers to his fellow Icelander and has also stepped down as the chairman.
Gudmundsson has now become chairman of the board and explained the reasoning behind the changes at Upton Park.
"We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC," Gudmundsson told the club's official website. "This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.
"My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field.
"I am particularly delighted that we have been able to take the first real step in our plans for a new stadium, which is crucial to the long-term ambitions of the club.
"As incoming club chairman I recognise the responsibility that comes with this role and I know that view is shared by all the members of the board. Today marks the next step in the development of this great club and we are all proud to be part of something so special."
Magnusson is confident he has helped West Ham to become stronger during his 12 months at the club, but is leaving to focus on other business interests.
"I have thoroughly enjoyed my time here at West Ham," said Magnusson. "From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the club, it has been an honour to be involved.
"Now that I have sold my financial stake in the club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as chairman.
"The last 12 months have not been without their challenges, but I feel that we have emerged stronger and fitter as a club. Bjorgolfur has always supported me as chairman and I am pleased that he has decided to take over the role to help the club move on to the next level."