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K3V0
Last Updated at 18:53 GMT
It's believed Zuckerberg has paid close to £120 million to purchase a controlling stake from David Sullivan and David Gold.
The billionaire immediately announced that he would clear the clubs debts which are believed to be currently in the region of £70 million and the 29 year old didn't stop there as he promised to strengthen the squad with numerous world class players before the clubs opening Premier League clash with Tottenham Hotspur on 17 August at White Hart Lane.
Early reports suggest the club will have a hefty transfer budget close to £600 million available this summer.
The club have already been linked with swoops for Borussia Dortmund striker Robert Lewandowski, Real Madrid midfielder Sami Khedira, Barcelona winger Pedro and Chelsea defender David Luiz. There is also widespread speculation that a large portion of the current first team squad will leave the club during the summer to make way for new arrivals.
Current manager Sam Allardyce is expected to meet with the new American owner in the next few days and whilst Zuckerberg has made no statement about changing the manager some believe the 29 year old will want to employ his own manager.
K3V0
Last Updated at 16:40 GMT
Allardyce became the West Ham United manager in June 2011 shortly after their relegation from the Premier League and was successful in guiding the Hammers back to the Premier League at the first attempt as they finished third in the Championship before gaining promotion through the playoffs as they saw off the challenges of Cardiff City and Blackpool.
The 58 year old then guided the club to a tenth placed finish in their first season back in the Premier League.
Reports suggest Allardyce was hesitant to axe a number of players from the first team squad, the likes of Jussi Jääskeläinen, Kevin Nolan and Matt Taylor examples of players the 58 year old would have a difficult time discarding after years of working together. With a transfer budget that could exceed £600 million on offer at Upton Park and expectations that the club will challenge for a spot in Europe there is no doubt that players will come and go this summer.
If Allardyce was unwilling to sell or release certain players it comes as no surprise that Zuckerberg has asked him to leave, after all the owner of Facebook has reportedly spent almost £200 million in acquiring the club and clearing the debts it had.
Early candidates to replace Sam Allardyce at Upton Park are former Republic of Ireland manager Giovanni Trapattoni, former Chelsea manager Roberto Di Matteo, former FC Barcelona manager Frank Rijkaard and former FC Bayern Munich manager Jupp Heynckes, although the latter has said he's not interested in a return to football after retiring.
K3V0
Last Updated at 20:13 GMT
Various reports had named the duo as potential candidates, but the new chairman believes the club have already got the man lined up that they want to take charge at Upton Park, although he did insist that no contact had been made with that person.
"We know who we want to install as the new West Ham United manager and what I can say is it won't be Jupp Heynckes or Giovanni Trapattoni despite what the media has written over the last few days," said the Hammers chairman.
"As a club we respect what both managers have done in the game over very impressive and lengthy careers. We do however have what we believe is the perfect candidate in mind and we'll pursue that in due course. Whilst we haven't made contact with that individual currently we do expect there to be progress over the next few days," added Smith.
When asked about potential signings Smith remained tight lipped and said that would be up to the new manager, although the club will be expecting some high profile signings this summer as they chase European football.
"We can't really comment on players who have been linked with the club. To start with they're contracted to another club and it would be wrong to start discussing things like that. Then obviously that's got to be the managers decision on who we sign and who we don't sign, not me or the owner, the manager will have that power," said the West Ham United chairman.
"Of course we want to see top players at the club and we'll expect some high profile signings. As for what we want to achieve this year, we feel qualification for the Europa League or Champions League is something we've got to aim for," added Smith.
If the club do manage to sign players of that calibre there is no doubt that many of the current first team members will probably be deemed surplus to requirements and will be moved on by whoever is in charge. The club is expecting to challenge for a place in Europe this season and whoever does replace Allardyce will be well aware of the pressure awaiting.
K3V0
Last Updated at 17:09 GMT