Magnusson bid edges ahead in Hammers race
The East End club are weighing up two competing offers
Also In The News
|
In a nutshell. |  |
Tuesday, 07, Nov 2006 09:09
A possible takeover of Premiership side West Ham United seems to be coming to fruition with chairman Terence Brown telling a board meeting of the club he has met with Icelandic businessman Eggert Magnusson.
It is believed that the 59-year-old has been granted permission to examine the accounts of the Upton Park side through the process of due diligence.
The development comes as a clear, realistic bid for the club from Iranian-born entrepreneur Kia Joorabchian, the man who brokered the transfers of Carlos Tevez and Javier Mascherano to London, fails to materialise.
Magnusson, who holds positions with both the Icelandic FA and Uefa, has pushed his proposal into pole position with a restructuring of the finance involved and the unveiling of a reliable backer.
An offer of £75million for the club including the taking-on of £22.5million in debt coupled with confirmation of Bjorgolfur Gudmundsson, the head of the Icelandic bank Landsbanki, as a key member of the consortium has impressed.
The club have refused to be drawn on who is winning the battle for control of the boardroom and have issued only a short statement on the on-going negotiations.
"A full board meeting took place on Tuesday and the directors were updated on the latest position regarding a takeover, but no decisions were taken," it read.