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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.
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