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West Ham accept £85m takeover

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The board of West Ham United is to give its support for an £85m takeover from an Icelandic consortium led by Eggert Magnusson.

The consortium has secured 83 per cent of shares and the West Ham board has recommended the offer to remaining shareholders.

The news ends a long-running takeover saga which started with Iranian businessman Kia Joorabchian. Joorabchian's team completed due diligence but failed to table a firm bid for the club, resulting in the decision to open the books to Magnusson at the beginning of November.

Magnusson will replace Terry Brown as chair of the club, although Brown will remain as a director. Magnusson will also step down from his positions as president of the Icelandic Football Association and a member of the executive committee of UEFA.

Magnusson said: "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."

It is expected that the consortium, which is backed by billionaire banker Bjorgolfur Gudmundsson, will also take on the club's debts of £23m, taking the total investment to around £108m – a higher value than many commentators placed on the East London club which is currently fifth from bottom in the Premiership.

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The board of West Ham United is to give its support for an £85m takeover from an Icelandic consortium led by Eggert Magnusson.
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