West Ham Agrees £85m Takeover

West Ham United has finally reached an agreement with the consortium led by
Icelandic businessman Eggert Magnusson regarding a £85m takeover of the FA
Premier League club.

Magnusson’s consortium has 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
remain at Upton Park as a director.

Among the changes that the new chairman intends to make includes the
possibility of moving the club from Upton Park to London’s Olympic Stadium.

Stated Magnusson: ‘In terms of the club’s location we are buying what we see,
which is West Ham at Upton Park. 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 billionaire financier Bjorgolfur
Gudmundsson, the chairman of Icelandic bank Landsbanki.