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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.
Magnusson's consortium have secured agreements to buy 83% of shares and the Hammers' board have recommended the offer to remaining shareholders.Magnusson's consortium have secured agreements to buy 83% of shares and the Hammers' board have recommended the offer to remaining shareholders.
Magnusson will replace Terry Brown as West Ham chairman, although Brown will stay on at Upton Park as a director.Magnusson will replace Terry Brown as West Ham chairman, 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."Brown said: "The offer reflects fair value considering our history, recent performance and prospects."
Brown added: "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."Brown added: "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.Magnusson said: "I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham.
MAGNUSSON FACTS Age: 59Will become West Ham chairmanFormer owner of import/export and bread & biscuit manufacturing companyFormer president of Valur ReykjavikPresident of Icelandic FA since 1989On Uefa executive committee since 2002MAGNUSSON FACTS Age: 59Will become West Ham chairmanFormer owner of import/export and bread & biscuit manufacturing companyFormer president of Valur ReykjavikPresident of Icelandic FA since 1989On Uefa executive committee since 2002
"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."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.
"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.""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."
Magnusson says he will consider moving the club from Upton Park to London's Olympic Stadium.Magnusson says he will consider moving the club 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."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."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.""I recognise there will also need to be an athletics legacy from the London 2012 Olympics."
Magnusson's consortium is backed by Bjorgolfur Gudmundsson, a financier worth $1bn and chairman of Icelandic bank Landsbanki.Magnusson's consortium is backed by Bjorgolfur Gudmundsson, a financier worth $1bn and chairman of Icelandic bank Landsbanki.
GUDMUNDSSON FACTS Age: 65Main backer of Magnusson consortium/ will become club's honorary presidentChairman of Icelandic bank LandsbankiInterests in finance, international shipping, transport, seafood processingFormer chairman of Icelandic team KRGUDMUNDSSON FACTS Age: 65Main backer of Magnusson consortium/ will become club's honorary presidentChairman of Icelandic bank LandsbankiInterests in finance, international shipping, transport, seafood processingFormer chairman of Icelandic team KR
It is thought to have taken on the club's £22.5m debt, although there is no mention in the club's announcement.It is thought to have taken on the club's £22.5m debt, although there is no mention 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.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 Football Association and is also on the Uefa executive committee, said: "Mr Gudmundsson has given me full backing and responsibility to take the club forward.Magnusson, who is president of the Icelandic Football Association and is also on the Uefa executive committee, said: "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."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.""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 is not expected to formally replace Brown as chairman for a couple of weeks while the deal is formally processed.Magnusson is not expected to formally replace 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 but he could keep his place on Uefa's executive committee.Once the deal has been finalised, Magnusson will resign from his Icelandic FA post but he could keep his place on Uefa's executive committee.
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.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.
However, the futures of Carlos Tevez and Javier Mascherano look less secure.However, the futures of Carlos Tevez and Javier Mascherano look less secure.
606: DEBATE It appears that Magnusson is a real football man with a genuine interest in taking the club forward HT 606: Have your say606: DEBATE It appears that Magnusson is a real football man with a genuine interest in taking the club forward HT 606: Have your say
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.
But Magnusson says his aim is to see them competing regularly in the Champions League. But Magnusson says he has complete faith in Pardew as boss at Upton Park.
"I want every year to be competing for places in the Champions League, which I think is a very important step," he declared. "I think he is a great manager, he has done great things with West Ham," the Icelander said.
"That is my ultimate ambition. "Last season was a great year and I fully believe he will help me take West Ham to the next stage.
"It will not happen today or tomorrow or the day after. We will take it slowly and build on the foundations that are already here. "It is clear in my mind that there will be funds available for the manager in the January transfer window.
"You have been doing great things in developing young players and I look forward to strengthening so we can keep on getting English players out of West Ham. "He has absolute power over his team and it his decision who he wants to add to his squad.
"I want to recognise the great traditions of this club in developing young English players. "I will work very closely with him on what his desires are in the January window and going on to the next level."
"I want to strengthen that further and put more emphasis on that work, so we keep producing great English players for the future."