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<TABLE cellSpacing=0 cellPadding=0 width=629 border=0><TBODY><TR><TD colSpan=3><DIV class=mxb><DIV class=sh>West Ham accept £85m takeover bid </DIV></DIV></TD></TR><TR><TD vAlign=top width=416><TABLE cellSpacing=0 cellPadding=0 width=203 align=right border=0><TBODY><TR><TD><DIV>
<DIV class=cap>Magnusson is based in Reykjavik</DIV></DIV></TD></TR></TBODY></TABLE>West Ham have announced they have accepted Eggert Magnusson's £85m takeover bid for the club.
Magnusson's consortium have 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 stay on at Upton Park as a director.
Brown said: "The offer reflects fair value considering our history, recent performance and prospects."
<DIV class=avinline>Brown added: "Eggert Magnusson is fully committed to ensuring the club can continue its great tradition of success both on and off the field, to the benefit of supporters and the wider community." </DIV>
Magnusson said: "I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham.
<TABLE cellSpacing=0 cellPadding=0 width=208 align=right border=0><TBODY><TR><TD width=5>
</TD><TD class=sibtbgf><DIV class=sihf>MAGNUSSON FACTS </DIV><DIV class=mva><DIV class=bull>Age: 59</DIV><DIV class=bull>Will become West Ham chairman</DIV><DIV class=bull>Former owner of import/export and bread & biscuit manufacturing company</DIV><DIV class=bull>Former president of Valur Reykjavik</DIV><DIV class=bull>President of Icelandic FA since 1989</DIV><DIV class=bull>On Uefa executive committee since 2002</DIV></DIV></TD></TR></TBODY></TABLE>
"We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch.
"I fully appreciate the personal responsibility that will come with becoming chairman of West Ham and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field."
Magnusson says he will consider moving the club from Upton Park to London's Olympic Stadium.
"In terms of the club's location we are buying what we see, which is West Ham at Upton Park," he explained.
"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 Bjorgolfur Gudmundsson, a financier worth $1bn and chairman of Icelandic bank Landsbanki.
<TABLE cellSpacing=0 cellPadding=0 width=208 align=right border=0><TBODY><TR><TD width=5></TD><TD class=sibtbgf><DIV class=sihf>GUDMUNDSSON FACTS </DIV><DIV class=mva><DIV class=bull>Age: 65</DIV><DIV class=bull>Main backer of Magnusson consortium/ will become club's honorary president</DIV><DIV class=bull>Chairman of Icelandic bank Landsbanki</DIV><DIV class=bull>Interests in finance, international shipping, transport, seafood processing</DIV><DIV class=bull>Former chairman of Icelandic team KR</DIV></DIV></TD></TR></TBODY></TABLE>
It is thought to have taken on the club's £22.5m debt, although there is no mention in the club's announcement.
Gudmundsson will assume the position of honorary life president of West Ham, while Brown will be appointed honorary life vice-president.
Magnusson, who is president of the Ic
<DIV class=cap>Magnusson is based in Reykjavik</DIV></DIV></TD></TR></TBODY></TABLE>West Ham have announced they have accepted Eggert Magnusson's £85m takeover bid for the club. Magnusson's consortium have 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 stay on at Upton Park as a director.
Brown said: "The offer reflects fair value considering our history, recent performance and prospects."
<DIV class=avinline>Brown added: "Eggert Magnusson is fully committed to ensuring the club can continue its great tradition of success both on and off the field, to the benefit of supporters and the wider community." </DIV>
Magnusson said: "I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham.
<TABLE cellSpacing=0 cellPadding=0 width=208 align=right border=0><TBODY><TR><TD width=5>
</TD><TD class=sibtbgf><DIV class=sihf>MAGNUSSON FACTS </DIV><DIV class=mva><DIV class=bull>Age: 59</DIV><DIV class=bull>Will become West Ham chairman</DIV><DIV class=bull>Former owner of import/export and bread & biscuit manufacturing company</DIV><DIV class=bull>Former president of Valur Reykjavik</DIV><DIV class=bull>President of Icelandic FA since 1989</DIV><DIV class=bull>On Uefa executive committee since 2002</DIV></DIV></TD></TR></TBODY></TABLE>"We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch.
"I fully appreciate the personal responsibility that will come with becoming chairman of West Ham and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field."
Magnusson says he will consider moving the club from Upton Park to London's Olympic Stadium.
"In terms of the club's location we are buying what we see, which is West Ham at Upton Park," he explained.
"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 Bjorgolfur Gudmundsson, a financier worth $1bn and chairman of Icelandic bank Landsbanki.
<TABLE cellSpacing=0 cellPadding=0 width=208 align=right border=0><TBODY><TR><TD width=5>
</TD><TD class=sibtbgf><DIV class=sihf>GUDMUNDSSON FACTS </DIV><DIV class=mva><DIV class=bull>Age: 65</DIV><DIV class=bull>Main backer of Magnusson consortium/ will become club's honorary president</DIV><DIV class=bull>Chairman of Icelandic bank Landsbanki</DIV><DIV class=bull>Interests in finance, international shipping, transport, seafood processing</DIV><DIV class=bull>Former chairman of Icelandic team KR</DIV></DIV></TD></TR></TBODY></TABLE>It is thought to have taken on the club's £22.5m debt, although there is no mention in the club's announcement.
Gudmundsson will assume the position of honorary life president of West Ham, while Brown will be appointed honorary life vice-president.
Magnusson, who is president of the Ic