Post by gw on Nov 7, 2006 17:43:43 GMT -1
Icelandic businessman Eggert Magnusson has received a boost in his bid to take over West Ham after the Hammers allowed him to inspect the club's accounts.
West Ham directors were told at a board meeting on Tuesday that Magnusson will be allowed to carry out due diligence.
Hammers chairman Terence Brown met the 59-year-old on Monday and granted him permission to look at their accounts.
A bid from a rival consortium, fronted by Iranian-born Kia Joorabchian, has so far failed to materialise.
That bid had been the front-runner, but the lack of an offer led Brown to meet Magnusson, who is head of the Icelandic FA and a member of the Uefa executive committee, on Monday.
Magnusson is thought to have indicated that his consortium is prepared to pay £75m for the club, with most of it coming from equity rather than borrowed money, and would also take over the £23m debt.
He is also committed to providing money for new signings in the January transfer window and to keeping faith with under-pressure manager Alan Pardew.
A West Ham spokesman said: "A full board meeting took place on Tuesday and the directors were updated on the latest position regarding a takeover, but no decisions were taken."
Magnusson has said he will step down from his positions with Uefa and the Icelandic FA if his takeover goes through.
West Ham directors were told at a board meeting on Tuesday that Magnusson will be allowed to carry out due diligence.
Hammers chairman Terence Brown met the 59-year-old on Monday and granted him permission to look at their accounts.
A bid from a rival consortium, fronted by Iranian-born Kia Joorabchian, has so far failed to materialise.
That bid had been the front-runner, but the lack of an offer led Brown to meet Magnusson, who is head of the Icelandic FA and a member of the Uefa executive committee, on Monday.
Magnusson is thought to have indicated that his consortium is prepared to pay £75m for the club, with most of it coming from equity rather than borrowed money, and would also take over the £23m debt.
He is also committed to providing money for new signings in the January transfer window and to keeping faith with under-pressure manager Alan Pardew.
A West Ham spokesman said: "A full board meeting took place on Tuesday and the directors were updated on the latest position regarding a takeover, but no decisions were taken."
Magnusson has said he will step down from his positions with Uefa and the Icelandic FA if his takeover goes through.