Magnusson Walks Away From West Ham

Icelandic entrepreneur Eggert Magnusson has resigned as chairman of West Ham and sold his remaining stake in the Premier League club.

Magnusson, who was part of the Icelandic consortium that bought the Hammers a year ago, had already quit as executive chairman in September.

‘Now that I need to focus a little more on my interests overseas, I think it is the right time to stand down,’ he said.

Owner Bjorgolfur Gudmundsson has become chairman and executive chairman and has bought Magnusson’s remaining 5% shareholding in the club.

Despite what has been a rocky year since he bought the club, Magnusson insisted: ‘I have thoroughly enjoyed my time here at West Ham. From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the club, it has been an honour to be involved.

‘The last 12 months have not been without their challenges but I feel that we have emerged stronger and fitter as a club.’

Gudmundsson has expressed his determination to push ahead with a move to a new £250m, 60,000-seater stadium, with a site having been identified at an old Parcelforce depot next to West Ham tube station.