West Ham have announced they have accepted Eggert Magnusson’s £85m takeover bid for the club.
Magnusson’s consortium have secured agreements to buy 83% of shares and the Hammers’ board have recommended the offer to remaining shareholders.
The Icelander will replace Terry Brown as the chairman at Upton Park, although Brown will stay on at Upton Park as a director.
Brown said: "The offer reflects fair value considering our history, recent performance and prospects. Eggert Magnusson is fully committed to ensuring the club can continue its great tradition of success both on and off the field, to the benefit of supporters and the wider community."
Magnusson said: "I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham. We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch."
Magnusson continued "I fully appreciate the personal responsibility that will come with becoming chairman of West Ham and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field." Aside from the change in staff he’ll bring in, Magnusson says he is also considering a move from Upton Park to London’s Olympic Stadium.
"In terms of the club’s location we are buying what we see, which is West Ham at Upton Park," he explained.
"But if there is an opportunity to discuss a long-term move to the Olympic Stadium I would explore that. I recognise there will also need to be an athletics legacy from the London 2012 Olympics."
Magnusson’s bid was backed by billionaire Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki.
Presumably, the bank is thought to have taken on the club’s £22.5m debt, although there is no mention of it in the club’s announcement.
Gudmundsson will assume the position of honorary life president of West Ham, while Brown will be appointed honorary life vice-president.
Magnusson, who is president of the Icelandic FA and is also on the Uefa executive committee, said: "The main financial supporter of our bid, Mr Gudmundsson, has given me full backing and responsibility to take the club forward. He and I have known each other through football for many years and we share a passion for the game, particularly here in England. Mr Gudmundsson’s commitment to the club is vital and he also believes that we can build something very special here at West Ham."
Magnusson has already met with Alan Pardew to assure him of his support and that he will have funds for signings in the January transfer window, however, 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. Things are looking up for West Ham. [Mof Gimmers]