Tuesday, November 07, 2006

West Ham Talk to Magnusson

Apparently West Ham officials met with Eggert Magnusson yesterday and are expected to discuss the club's takeover at a full board meeting today. However a West Ham spokesperson dismissed talks of an immediate takeover of the club and claimed,

"There will be an update on the takeover talks but there will be no significant development after the meeting and no announcement is planned.

The position with regards the takeover is well-known. We've made announcements on that; the position is unchanged, and there will be no announcement in the immediate future."

According to the Independent Magnusson has resubmitted his £75m offer to the club, plus taking on the club's debts of £22.5m, with a greater proportion of the money being paid in equity. The Scandinavian has also now confirmed to the Hammers that Bjorgolfur Gudmundsson, the head of the Icelandic bank Landsbankithe, will be the main financial backer.

For some reason club chairman Terence Brown seems to favour the Joorabchian backed bid. West Ham however are presumably growing more frustrated by Joorabhian's inability/refusal to meet their asking price. Joorabchian has previously claimed that the club have used the Magnusson bid as a red herring and they may well be using the Icelander's bid to pressure Joorabchian. On the other hand there is every possibility that Joorabchian's main financial backer, Israeli property magnate Eli Papoushado, has been put off this week by news that West Ham may not be able to move into the Olympic Stadium after all.


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