Icelander opens Hammers bid talks

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Icelandic businessman Eggert Magnusson has confirmed he has started talks with West Ham regarding a possible takeover.

The 59-year-old, who is head of the Football Association of Iceland, is thought to value the club at £75m.

A statement to the stock exchange said: "Mr Magnusson and his advisers have engaged in discussions with West Ham and its advisors about a possible bid."

"There can be no certainty that such discussions will lead to an offer, nor of the price of any such offer."

There have been suggestions from the camp of a rival interest in West Ham, Iranian businessman Kia Joorabchian, that the latest approach is a "red herring".

I would not be wasting my time if we were not serious Eggert Magnusson

However Magnusson, 59, said: "I have been following events for the last year and have seen there have been some bids from other interests but nothing has happened.

"I would suggest that if there are any red herrings, it is the other bids, not our interest.

"I don't know anything about this Iranian or his interest but I know we are looking at this seriously.

"I would not be wasting my time if we were not serious and whatever comes out at the end, we are serious now."

Magnusson is reported to have enlisted the services of former Football League chairman Keith Harris, now head of investment bank Seymour Pierce, to oversee the approach.

Harris was involved in the recent acquisition of Aston Villa by Cleveland Browns owner Randy Lerner and Michael Wilde's takeover of Southampton.

West Ham have been the subject of takeover speculation for several weeks and manager Alan Pardew has recently called for a resolution to the situation.

"If we can resolve this as quickly as possible, that would be the best scenario for everybody," said the Hammers boss.