West Ham approve Icelandic deal

Premiership club West Ham United FC have today accepted a €126m takeover from Icelandic consortium led by Eggert Magnusson.

'Delighted and honoured'
Magnusson, the Football Association of Iceland president and a member of the UEFA Executive Committee, will replace Terence Brown as West Ham chairman, although Brown will remain at the London club as a director. Magnusson said: "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."

Pardew staying
The 59-year-old, who is backed by Bjorgolfur Gudmundsson, the chairman of an Icelandic bank, has pledged to keep Alan Pardew as the club's manager, reflecting on the success the club has had in the past two seasons. After earning promotion back to the top flight for the 2005/06 campaign, West Ham finished ninth in the Premiership and reached the FA Cup final. Things have been tougher this time around, with early elimination from the UEFA Cup and mixed league form that has left the club in 16th place after 13 games.

'Fair value'
Brown said: "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." The takeover was announced when a statement was released to the London Stock Exchange this morning confirming acceptance from the club's major shareholders.