Freshfields Bruckhaus Deringer, DLA Piper, and Jones Day have scored lead roles on the takeover of West Ham United FC.

David Gold and David Sullivan, the former owners of Birmingham City FC, have bought a 50% stake in the Premier League club – valuing it at £105m – from asset management company CB Holding, whose major shareholder is troubled Icelandic bank Straumur.

The bank will retain the other 50% of the club, although Sullivan and Gold do have an option to purchase the remaining stake.

Freshfields advised CB Holding with finance partner Neil Falconer leading the firm's team, supported by finance associate Lauren Giblin.

The banks turned to Jones Day, which fielded a team led by business restructuring partner Adam Plainer alongside restructuring partner Paul Bromfield and banking partner Ed Borrini.

Sullivan, the owner of The Daily Sport and Sunday Sport, instructed DLA Piper, with corporate partner Mel Sims, banking partner Alex Griffith and associates Patrick Tweedale and Sarah Walters making up the firm's team.

Plainer commented: "We are pleased to have worked with the syndicate of banks on this deal, which should ensure that West Ham can continue in the Premiership without any uncertainty hanging over the club's future."

West Ham was taken over by CB Holding in June last year when the club's former chairman Bjorgolfur Gudmundsson was declared bankrupt in the wake of the Icelandic financial crisis. Straumur has a 70% stake in CB Holdings with the remaining 30% owned by a number of Icelandic banks.

Straumur, which was taken over by the Icelandic Financial Supervisory Authority in March last year, was granted a nine-month moratorium on its debt repayments by a Reykjavik court in mid-December.