So it is good bye to Terence Brown and a big welcome to Eggert Magnusson, as West Ham have this morning announced the acceptance of Eggert Magnusson's £85m takeover bid for the club.
Outgoing chairman Terence Brown (who will remain as a director of the club and honorary life vice-president) said this morning,
"The offer reflects fair value considering our history, recent performance and prospects. Eggert Magnusson is fully committed to ensuring the Club can continue its great tradition of success both on and off the field, to the benefit of supporters and the wider community."
New chairman Eggert Magnusson released the following statement:
"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.
I fully appreciate the personal responsibility that will come with becoming chairman of West Ham and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field.
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.
The main financial supporter of our bid, Mr Bjorgolfur Gudmundsson, has given me full backing and responsibility to take the club forward. He and I have known each other through football for many years and we share a passion for the game, particularly here in England.
Mr Gudmundsson's commitment to the club is vital and he also believes that we can build something very special here at West Ham. There is a genuine excitement in the club about what we can achieve together, which I hope the fans will share.
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.
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."
Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki, is the financial backer of Magnusson's consortium and he will become honorary life president of the club. The consortium was rumoured to be prepared to take on the club's £22.5m debt, although there is no mention of this in the club's announcement today.