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West Ham accept £85m takeover bid West Ham accept £85m takeover bid
(20 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. Magnusson's consortium have secured agreements to buy 83% of shares and the Hammers' board have recommended the offer to remaining shareholders.
The club revealed details of the bid to the Stock Exchange when it opened at 0700 GMT on Tuesday. Magnusson will replace Terry Brown as West Ham chairman, although Brown will remain at Upton Park as a director.
The consortium is backed by billionaire financier Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki. 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 greattradition of success both on and off the field, to the benefit of supporters and the wider community."
Magnusson added: "'I am both delighted and honoured that Terry Brown and his colleagues wish tosupport 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.
"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's 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.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. Magnusson, who is president of the Icelandic Football Association and is also on the Uefa executive committee, 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 and step down from Uefa's executive committee.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.Magnusson met Brown over the weekend and confirmed the consortium were preparing a formal offer after completing the due diligence on Friday.
606: DEBATE Maybe we can finally get the glory we have fought so hard to achieve AS 606: Have your say606: DEBATE Maybe we can finally get the glory we have fought so hard to achieve AS 606: Have your say
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.
The futures of Carlos Tevez and Javier Mascherano look less secure.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.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.