Hammers accept takeover bid

21 November 2006 07:57
An Icelandic consortium headed by Eggert Magnusson has had its takeover bid for West Ham United accepted by the Premiership club. The £85million offer has been backed by billionaire financier Bjorgolfur Gudmundsson, who is the chairman of Icelandic bank Landsbanki. The Hammers' board of directors have unanimously recommended that the remaining club shareholders accept the offer. The consortium are believed to have taken on the club's £22.5million debt, although there is no mention of this part of the bid in the club's announcement. Magnusson is currently the president of the Icelandic Football Association and is also on UEFA's executive committee, but will step down when he replaces Terry Brown as chairman, probably in early December. It is believed that Argentinian duo Carlos Tevez and Javier Mascherano will leave Upton Park in the January transfer window. They were brought to the club by Iranian-born Kia Joorabchian, who had launched an unsuccessful takeover bid for the Hammers. Tevez has failed to score in nine appearances for Alan Pardew's side while Mascherano has started only three Premiership games for the club.

Source: ESA