West Ham agree takeover by Icelandic group

The Londoners are the latest English Premier League club to fall into foreign hands, following the buyouts of Chelsea, Manchester United, Aston Villa, Portsmouth and Fulham.

West Ham said they had recommended a cash offer of 421 pence per share from consortium WH Holding.

The consortium, which will buy 83 per cent of the shares, is bankrolled by the billionaire chairman of Icelandic bank Landsbanki, Bjorgolfur Gudmundsson.

Magnusson is to replace Terry Brown as West Ham chairman although Brown will remain as a director. Brown, together with the founding Cearns and Warner families, owned around 80 per cent of the club.

"I am delighted and honoured Terry Brown and his colleagues wish to support our offer for West Ham," Magnusson said in a statement issued to the London stock exchange.

"We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with (manager) 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, players and fans that I am here to serve and do all I can to deliver genuine success on and off the field."

West Ham reached the 2006 FA Cup final in their first campaign back in the top flight but have struggled this season against a background of takeover talks, and the possibility of the club leaving Upton Park to take over the Olympic Stadium after the London 2012 Games.

A consortium led by Iranian-born Kia Joorabchian had seemed favourite to buy the club but an offer failed to materialise.

Pressure had been mounting on Pardew after an eight-game losing streak earlier in the season but Magnusson's early show of support for the manager, and the promise of transfer funds in the January window, will be a major boost.

The futures of Argentine duo Carlos Tevez and Javier Mascherano is less certain.

The two players arrived at the club from Brazilian side Corinthians on the final day of the August transfer window in a deal engineered by Joorabchian, former head of the Media Sport Investment group which bought Corinthians in 2004.

Brown said the Magnusson-led takeover would help West Ham move forward.

"Since promotion into the Premier League the club has invested funds wisely, strengthening in key positions and moulding a young and exciting team faithful to the club's great traditions," Brown said in a statement.

"Eggert Magnusson is fully committed to ensuring the club can continue their great tradition."

Magnusson is expected to step down from his roles with the Icelandic FA and UEFA.