Magnusson sells up at Hammers
Eggert Magnusson leaves West Ham United after 12 months
Thursday, 13, Dec 2007 04:16
Majority shareholder Bjorgolfur Gudmundsson has bought out former West Ham United chairman Eggert Magnusson to become the club's sole owner.
Gudmundsson, who was a member of the Icelandic consortium led by Magnusson that bought the club from former owner Terry Brown, takes over from his predecessor as the new chairman of the club.
He has invested a further £30.5 million into the business to "bolster the financial base" in addition to purchasing Magnusson's five per cent share.
"We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC," Gudmundsson said.
"This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.
"My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field."
Gudmundsson also paid tribute to Magnusson, who was in charge throughout the turbulent events of last season when the club avoided relegation to the Championship on the final day.
They were also fined a record £5.5 million for an apparent breach of Football Association rules in relation to the transfers of Carlos Tevez and Javier Mascherano from Corinthians.
"As we move forward I want to pay tribute to Eggert Magnusson, who has done a tremendous job as chairman, often in difficult circumstances, since our consortium bought the club twelve months ago," Gudmundsson continued.
"Eggert has decided to move on to new pastures and to pursue his other interests. We wish him well for the future and express our thanks for all that he has done for West Ham."
Magnusson himself said he had "thoroughly enjoyed" his time at the club and that it had been "an honour to be involved".
"Now that I have sold my financial stake in the club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as chairman," he said.
"The last 12 months have not been without their challenges but I feel that we have emerged stronger and fitter as a club.
"I would like also to pay a special tribute to the West Ham fans who, I believe, have shown themselves over many years to be the best in the country.
"My thanks to everybody who has worked with me in my time here and I wish the club every success for the future. I will still be cheering on the team whenever time permits."
In addition to chairing board meetings at the club, Gudmundsson will also oversee the continuing search for a new ground development project.
The new owner confirmed "the first real step in our plans for a new stadium", saying it is "crucial to the long-term ambitions of the club".
West Ham have been looking at several possibilities for extending Upton Park or building a new stadium that will cater for up to 60,000 fans in east London - having been told they will not be granted permission to move into the venue being built for the 2012 Olympic Games.