West Ham agrees £85m takeover

23 Apr 2008

By: Sport Industry Group

West Ham United has finally reached an agreement with the consortium led by Icelandic businessman Eggert Magnusson regarding a £85m takeover of the FA Premier League club.

Magnusson's consortium has 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 remain at Upton Park as a director.

Among the changes that the new chairman intends to make includes the possibility of moving the club from Upton Park to London's Olympic Stadium.

Stated Magnusson: ‘In terms of the club's location we are buying what we see, which is West Ham at Upton Park. 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 consortium is backed by billionaire financier Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki.