West Ham dismiss takeover reports

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West Ham have denied an announcement is imminent on Eggert Magnusson's proposed £75m takeover of the club.

The Icelandic businessman had reportedly submitted an improved bid to the club's directors after an initial approach was rejected last week.

But responding to the possibility of an announcement within 48 hours, a club spokesman said: "This is absolutely, categorically not the case."

Magnusson is due to meet West Ham board members before the end of the week.

It is understood that the original bid was for around £65m, which failed to match West Ham's expectations.

The latest bid is thought to include an agreement to take on the club's existing £20m debts.

The funding for the deal is expected to be provided by a respected Icelandic financial institution - although not the investment bank Straumur-Burdaras of which Magnusson is vice-chairman.

If West Ham chairman Terry Brown is tempted by the offer, his next move will be to give 59-year-old Magnusson permission to consult the club accounts.

Iranian-born businessman Kia Joorabchian, who orchestrated the transfer of Argentina internationals Carlos Tevez and Javier Mascherano to Upton Park, had declared an interest in taking over the club but his bid has so far failed to materialise.