Magnusson steps down and sells stake in West Ham

[Skizz]

Thought this may interest you guys. All a bit sudden.

[Skizz]

West Ham's Official Statement reads as follows:



West Ham United has today announced changes in share ownership and a number of changes to the governance of the Club as part of the long-term development of the Club and its plans for the future, including a new 60,000 seat stadium.

The changes were agreed at a shareholders meeting of WH Holding, the UK holding company of West Ham United Plc.

The key changes are as follows:

# Bjorgolfur Gudmundsson has bought the five per cent of shares held by Eggert Magnusson in West Ham United and is now the sole owner of West Ham United.

# Mr Gudmundsson has invested a further £30.5m into the company in order to bolster the financial base of the Club.

# WH Holding and West Ham United Plc will form a joint Board to oversee all activities of the Club, including the new stadium development project.

# The new Board will be chaired by Mr Bjorgolfur Gudmundsson.

# Mr Eggert Magnusson has decided to stand down as Club Chairman in order to pursue his wider business and football interests.

# The new Board will comprise: Bjorgolfur Gudmundsson (Chairman), Asgeir Fridgeirsson (Vice-Chairman), Thor Kristjansson, Mike Lee, Gudmundur Oddsson with Executive Directors Scott Duxbury (CEO) and Nick Igoe (Finance Director).

At the first meeting of the new Board it was agreed to continue the process of investigating the potential development of a new 60,000 seat stadium for West Ham United.

Commenting on today's changes, Mr Gudmundsson said: "We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC. This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.

"My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field.

"I am particularly delighted that we have been able to take the first real step in our plans for a new stadium, which is crucial to the long-term ambitions of the Club.

"As we move forward I want to pay tribute to Eggert Magnusson, who has done a tremendous job as Chairman, often in difficult circumstances, since our consortium bought the Club twelve months ago. Eggert has decided to move on to new pastures and to pursue his other interests. We wish him well for the future and express our thanks for all that he has done for West Ham.

"As incoming Club Chairman I recognise the responsibility that comes with this role and I know that view is shared by all the members of the Board. Today marks the next step in the development of this great Club and we are all proud to be part of something so special."

Outgoing Chairman, Eggert Magnusson said: "I have thoroughly enjoyed my time here at West Ham. From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the Club, it has been an honour to be involved. Now that I have sold my financial stake in the Club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as Chairman.

"The last twelve months have not been without their challenges but I feel that we have emerged stronger and fitter as a Club. Bjorgolfur has always supported me as Chairman and I am pleased that he has decided to take over the role to help the Club move on to the next level.

"I would like also to pay a special tribute to the West Ham fans who, I believe, have shown themselves over many years to be the best in the country. My thanks to everybody who has worked with me in my time here and I wish the Club every success for the future. I will still be cheering on the team whenever time permits."

On official site here:
http://www.whufc.com/page/News/0,,12562~1189947,00.html

[blainehammer]

Eggert, We will miss you. You are a character in the true mould of West Ham.
I think that you were embraced as one of us and I am sure I am speaking for many true West Ham fans when I say that you will be welcome anytime.

So long buddy.

[Footstomper]

What the Hell's going on. Not a man to walk willingly I would have thought.

[hammer_scout51]

Well said blainehammer. The man did more for the club in a year than all chairmen since Reg Pratt put together.


Eggy = respect.

[ballard45]

I think this has probably been the plan since the takeover 12 months ago. Eggy only ever held 5% and was the figurehead.

I think exciting times are ahead for us with new stadium and investment in the club.

[TheresaWHUFC]

Eggert, We will miss you. You are a character in the true mould of West Ham.
I think that you were embraced as one of us and I am sure I am speaking for many true West Ham fans when I say that you will be welcome anytime.

So long buddy.


You've said it for us all Blaine, Eggy will be sorely missed.

[Birminghammer]

If you contrast Eggy with some other Premiership chairmen, or Championship chairmen, oh lets say, purely at random, Sheffield Utd and Wigan, say, then you start to see just how much dignity and business acumen he brought to the role.

I am sure this move was always planned, however he will be remembered with affection, no easy feat given previous incumbants.

A Hammer for life, regardless of his job.

[west_ham]

Eggy has been the frontman of the new regime and I think it's clear that this was always planned as a temporary arrangement. But he did his jobs well under difficult circumstances. So good luck to him I say.

Looking at all the takeovers that have happened it seems that the time has come for all the old school chairmen to cash in by selling to big time businessmen. This is the time they have all been waiting for where they sell the club for £80m+ after only paying abut £10m for it 15 or so years ago. Greedy chairmen who are in it purely for the money and never had any intention of building the club into something great. Quite happily walk away for the right price.

The people buying the clubs are of a different breed though. These chaps have the business acumen, the contacts (globally) and the money to take clubs to the next level. The fact they are foreign just goes with the territory of finding an investor of this quality. It seems there aren't many British ones around. I am just glad we seem to have one of the better boards around, but I suppose time will tell on that score.

It's interesting to note that Wigan and Sheff Utd are still stuck with the old brand of chairman. From what I have read Whelan is a nasty piece of work who would rob his own mother for a buck and I think I needn't comment on McCabe. He does a good job of illustrating his own greed and lack of professionalism all on his own.

Up the 'ammers!!

[norwaytips]

I heard some time ago that Eggy was sick. I have no idea if the rumour was true or not. The source was from inside the club and he doesn't usually make things up.
If it's true, then I wish him a speedy recovery: if not, then I wish him well and thank him for his dignified time as chairman. We needed an Eggy after the last idiot we had running our club.

[Dean Ashton]

Lets hope our new owner can help the club

[Footstomper]

Lets hope our new owner can help the club

Yeah and you could try scoring some goals!

[hammer_scout51]

Yeah and you could try scoring some goals!

comedian.

[Footstomper]

Sorry