Hammers takeover nears finish line
Takeover talk has disrupted the Hammer's season
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Monday, 20, Nov 2006 10:34
West Ham's takeover saga could be over with the club expected to announce on Tuesday morning an Icelandic consortium has purchased the London side.
The Hammers will make a statement to the Stock Exchange that the group led by Icelandic FA president Eggert Magnusson is set to buy the club for £75 million plus an agreement to take on their £22.5 million debt.
Magnusson, backed by billionaire financier Bjorgolfur Gudmundsson, will resign his FA post and member of Uefa's executive committee and replace Terence Brown as chairman at Upton Park.
The 59-year-old met Brown over the weekend and confirmed the consortium were preparing a formal offer to buy more than 70 per cent of the club's shares.
Magnusson, reportedly a Tottenham fan, said he was keen to maintain the east London's club tradition.
"West Ham is a great club with a great history. They have a good manager with good players and a very strong fan base," he said.
"I have always had a soft spot for West Ham - their trademark for many years was good attacking football, and that's what I like.
"It is also unbelievable how many good football talents they have honed in east London."
Magnusson met manager Alan Pardew last week to reassure him that he will have money available for signings in the January transfer window.
Kia Joorabchian, the Iranian-born businessman involved in the signings of Carlos Tevez and Javier Mascherano, has reportedly pulled out of the race to buy the Hammers.