The Icelandic owners of West Ham United have put the Premier League club up for sale. CB Holdings, which runs the east London side, has hired two investment banks to find a new backer.

The move comes after serveral parties were linked with approaches for the club, including the porn mogul David Sullivan, who recently sold Birmingham City, and a US consortium, led by Wall Street executive Jim Bowe.

The advisers tasked with bringing in much-needed investment for the club are the City investment bank Rothschild and Standard Bank, based in South Africa.

Rothschild has advised on a number of football club takeovers, including the purchase of Aston Villa in 2006 by Randy Lerner, the American sports team owner.

The appointment of Standard, which has no presence in Britain, may fuel rumours that the club is looking to Africa for investment — the bank has close ties with African sport. It has just signed an eight-year deal with the Confederation of African Football to sponsor some of the continent’s biggest tournaments.

A source close to West Ham played down the idea that the team was up for sale.

“They are looking to bring in a strategic partner to take the club forward, though if a serious offer is made for the whole club, it will be considered,” the source said.

Andrew Bernhardt, chairman of CB Holdings, said: “This is part of a process consistent with what we announced in the summer. Appointing professional advisers was always part of that process.”

CB Holdings was set up by the Icelandic bank Straumur and other creditors to take control of the club in the summer after the collapse of the business empire of the previous owner, Bjorgolfur Gudmundsson.

West Ham manager Gianfranco Zola had hoped the new owners would provide a period of financial stability, but rumours are growing that the club’s management is frustrated by the lack of funds.

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