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Magnusson closes on Hammers deal Hammers set to announce takeover
(about 13 hours later)
An Icelandic consortium is expected to agree a deal with West Ham's owners to take over the club early this week. West Ham are expected to announce details of a takeover of the club to the Stock Exchange on Tuesday.
Eggert Magnusson, the president of the Icelandic FA and a member of Uefa's executive committee, is set to replace Terry Brown as chairman. A consortium headed by Icelandic Football Association president Eggert Magnusson looks to have won the battle for the Premiership outfit.
Magnusson met Brown over the weekend and confirmed the consortium were preparing a formal offer after completing the due diligence on Friday. Magnusson is not expected to formally replace Terry Brown as chairman for a couple of weeks while the deal is formally processed.
The offer is expected to be for £75m, plus taking on the club's £22.5m debt. The consortium is backed by billionaire financier Bjorgolfur Gudmundsson.
The consortium's main backer is billionaire financier Bjorgolfur Gudmundsson, who is chairman of the Icelandic bank Landsbanki. The chairman of the Icelandic bank Landsbanki is believed to have bankrolled an offer of between £75m and £85m, while also taking on the club's £22.5m debt.
Once the deal has been finalised Magnusson will resign from his Icelandic FA post and step down from Uefa's executive committee.
He met Brown over the weekend and confirmed the consortium were preparing a formal offer after completing the due diligence on Friday.
606: DEBATE Maybe we can finally get the glory we have fought so hard to achieve AS 606: Have your say606: DEBATE Maybe we can finally get the glory we have fought so hard to achieve AS 606: Have your say
If the bid is successful Magnusson will resign his administrative posts at the same time. He has already met Hammers boss Alan Pardew to reassure him of his support and that he will have funds for signings in the January transfer window.
Magnusson has already met Hammers boss Alan Pardew to reassure him of his support and that he will have funds for signings in the January transfer window.
The futures of Carlos Tevez and Javier Mascherano look less secure.The futures of Carlos Tevez and Javier Mascherano look less secure.
The Argentina internationals were brought to West Ham by Iranian-born Kia Joorabchian, who then led a takeover attempt that failed to lead to any offer for the club.The Argentina internationals were brought to West Ham by Iranian-born Kia Joorabchian, who then led a takeover attempt that failed to lead to any offer for the club.
Tevez and Mascherano have played sporadically and their arrival has coincided with West Ham's recent slump.Tevez and Mascherano have played sporadically and their arrival has coincided with West Ham's recent slump.
The Hammers have gone out of both the Uefa and Carling Cups and they are fifth bottom of the Premiership.The Hammers have gone out of both the Uefa and Carling Cups and they are fifth bottom of the Premiership.