West Ham Sold...
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EGGERT MAGNUSSON has vowed to bring the good times back to the club - and to keep faith with manager Alan Pardew.
The Icelandic businessman, who is due to take over as chairman in a couple of weeks, said he would explore the long-term possibility of West Ham eventually moving to the 2012 Olympic stadium.
The club announced to the Stock Exchange this morning that their main shareholders including chairman Terry Brown had agreed a price for the sale - £85million plus an agreement to take on West Ham’s £22.5million debt.
Magnusson, 59, 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 of this great club, with Alan Pardew leading our efforts on the pitch.
Magnusson also said funds would be made available for new signings in the January transfer window.
He added: “I will be continuing talks with Alan Pardew on how he sees the future on the playing side.
“This is very much his domain and he has my full confidence and support.
“He already knows that funds will be made available for the January transfer window but we need to discuss his needs and the investment that might be required to strengthen the squad.”
Magnusson insisted there was “genuine excitement about what the club could achieve” and praised billonairae financier Bjorgolfur Gudmundsson’s role in the takeover.
“Mr Gudmundsson’s commitment to the club is vital and he also believes that we can build something very special here at West Ham.
“This club has so much to be proud of and I want everyone who loves and supports the club to bring their pride and passion to help build this next stage of West Ham’s future.”
Magnusson also said he is keen to maintain West HamÂ’s reputation for passing football.
“As we move forward we must not forget the club’s great traditions, particularly in the training and development of young English players.
“All the way back to 1966 and the World Cup winning team of Bobby Moore, Geoff Hurst and Martin Peters, this is something that I have admired about the club.
“I am very committed to protecting and growing this part of the club’s work.” -
time to hijack the transfer market
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New regime gives Pardew £10m to spend in new year
Alan Pardew has more than £10m to spend this January after the completion of Eggert Magnusson's takeover of West Ham yesterday. Magnusson, a member of Uefa's executive committee, takes over as chairman following his purchase yesterday of 83% of the club's shares in a bid that values the club at £107.5m. His first act was to hold an extended meeting with Pardew to discuss what direction the club will now take.
The manager was told that he is held in high regard by the club's new owners and was asked to draw up a list of transfer targets for the coming window. It is not expected that Magnusson will overrule any of his manager's suggestions.
"I think he is a great manager, he has done great things with West Ham," said Magnusson. "He has absolute power over his team and it is his decision who he wants to add to his squad. I will work very closely with him on what his desires are in the January window and going on to the next level."
But Pardew also has decisions to make regarding his existing squad. The futures of Carlos Tevez and Javier Mascherano would seem to be compromised after the failure of Kia Joorabchian, whose investment company owns the players' transfer rights, to push through his own takeover proposal for the Hammers.
Pardew had little say in the deal that brought the Argentinians to Upton Park on transfer-deadline day in August, though he could have exercised a veto to prevent it. It is understood that Tevez has recently expressed to Joorabchian a wish to stay at West Ham.
The former chairman Terry Brown, meanwhile, has been offered an honorary position of vice-president while the finance director Nick Igoe stays on to work under the new regime. Scott Duxbury, the company secretary, has been promoted to a chief executive role. -
Pardew: Hammers can thrive under Iceman
West Ham boss Alan Pardew is targeting an immediate return to European football now the club's long-running takeover saga has been settled.
Icelandic businessman Eggert Magnusson is set to take over as chairman after the Hammers accepted an offer for the club of £85million plus an agreement to take on £22.5million of debt.
The takeover wranglings stretch back to the summer and Pardew believes the off-field distractions had an adverse impact on the club's form in the opening months of the season.
They lost a record eight games in a row, failed to score a goal for more than 10 hours and were knocked out of the UEFA Cup at the first hurdle by Palermo.
Magnusson wants West Ham to be challenging for Champions League qualification every year - and Pardew shares those same ambitions.
'We are very pleased Eggert has bought the club. We have this new consortium in place and we can move forward,' said Pardew.
'Like all organisations, you need leadership from the top with a new vision of what they want to do. I have been enthused by that in my conversation with Mr Magnusson.
'He has a strong feeling he would like to see European football here at Upton Park. We had a brief taste of it and unfortunately drew the best team in Italy.
'But there is no reason we can't try and achieve that this year with a great cup run or very strong finish to the league programme.
'You have to set your goals high, we have always done that here and hopefully we can achieve those aims in the next three or four years.
'The base we are building on is a good base. We perhaps lost our way at the start of this season due to the indecision but it is nothing we can't put right very quickly.
'We are all looking forward to this new challenge. I am excited.'
Outgoing chairman Terence Brown met with Magnusson after West Ham's 1-0 victory over Arsenal on November 5 and was hugely impressed.
'We always promised when the right type of investor came along, who could take the club in the right direction, we would talk to them and see of there was a deal to be done,' Brown told WHUTV.
'I think we have found the right people and I think it will be great for the club.
'I have been very impressed with him (Magnusson). His backers are world class businessmen. They have done this before and that was clear to see.
'I couldn't be more impressed. I am absolutely sure the club is being passed into good hands. I am very pleased he is taking the club on. I think he will be tremendous for West Ham.'
Magnusson finds the club in rude health.
Brown added: 'We made a £13million operating profit last year, which was one of the records.
'I believe we are the 18th biggest club in the world, certainly in Europe. We have a huge turnover and great prospects. We have very good assets with players, a very good academy. I'd like to think the club is in good shape.
'What it needs is the stability wealth can bring and people that can invest in the future of the club and ensure we can grow from here.'
Magnusson has promised to back manager Alan Pardew in the transfer market.
However, the future of Argentina duo Carlos Tevez and Javier Mascherano - brought to West Ham by Iranian-born Kia Joorabchian, who then led his own failed takeover attempt - remains uncertain.