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| West Ham accept £85m takeover bid | West Ham accept £85m takeover bid |
| (10 minutes later) | |
| West Ham have announced they have accepted Eggert Magnusson's £85m takeover bid for the club. | West Ham have announced they have accepted Eggert Magnusson's £85m takeover bid for the club. |
| The board of directors have also unanimously recommended that the remaining club shareholders accept their offer. | The board of directors have also unanimously recommended that the remaining club shareholders accept their offer. |
| The club revealed details of the bid to the Stock Exchange when it opened at 0700 GMT on Tuesday. | |
| The consortium is backed by billionaire financier Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki. | |
| It is thought to have taken on the club's £22.5m debt, although there is no mention in the club's announcement. | |
| Magnusson, who is president of the Icelandic Football Association and is also on the Uefa executive committee, is not expected to formally replace Terry Brown as chairman for a couple of weeks while the deal is formally processed. | |
| Once the deal has been finalised Magnusson will resign from his Icelandic FA post and step down from Uefa's executive committee. | |
| Magnusson met Brown over the weekend and confirmed the consortium were preparing a formal offer after completing the due diligence on Friday. | |
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| 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. | |
| 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. | |
| 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. |