£85 million West Ham takeover approved

21-11-2006

£85 million West Ham takeover approved
Premiership side West Ham United have today given the green light to an £85 million takeover led by Icelandic Football Association president Eggert Magnusson.

Magnusson, who will resign his posts at both the FA and on Uefa's executive committee, intends to become the chairman of the east London club, which has been valued at 421p per share.

The Icelandic takeover, which was supported by international investor Bjorgolfur Gudmundsson, has already acquired 83 per cent of the Hammers' shares, and the West Ham board is unanimously recommending that remaining shareholders accept the bid.

A statement released today from Magnusson's takeover company thanked outgoing chairman Terry Brown for his support of the offer, as well as confirming that Alan Pardew would remain as manager for the foreseeable future.

"I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham. 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," said the 59-year-old.

"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 added.

Brown meanwhile said that the offer reflected West Ham's "significant history, recent performance and prospects".

But today's news casts serious doubts over the future of Argentine duo Carlos Tevez and Javier Mascherano at Upton Park.

The World Cup quarter-finalists arrived in a stunning deadline day coup thanks to the involvement of Iranian-born tycoon Kia Joorabchian, who had himself hoped to acquire the club.

West Ham's form had slumped since Tevez and Mascherano joined the club, with the Hammers out of both the Uefa and Carling cups and lying just one point above the relegation zone.


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