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Icelander Succeeds in West Ham Takeover
BBC Sport, November 21st, 2006 8:55PM
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The West Ham takeover saga looks to be over, as the club's board has accepted a $161 million takeover bid from a consortium led by Icelandic businessman Eggert Magnusson, who replaces Terry Brown as club chairman. The group is believed to have assumed West Ham's debt of $42 million, though that wasn't revealed in the official announcement. Magnusson said the consortium is buying what it sees, which is West Ham United at Upton Park, though it would explore the possibility to move into London's Olympic Stadium after the 2012 games, if given the opportunity. In his statement, Magnusson also backed the embattled Alan Pardew to continue as West Ham manager. "Last season was a great year and I fully believe [Pardew] will help me take West Ham to the next stage," he said. "It is clear in my mind that there will be funds available for the manager in the January transfer window." With the Icelanders in charge, the future of Javier Mascherano and Carlos Tevez now looks uncertain, the BBC notes. The Argentine pair was brought to East London by Kia Joorabchian, an Iranian businessman who owns a significant stake in both players. Since their arrival, they've played sporadically while West Ham's form has slumped. Many thought the arrival of the talented duo was a precursor to Joorabchian taking over the club with a consortium of investors from Israel and Iran. Now that those plans have unraveled and the Argentines' aren't seeing much playing time, don't expect them to be around much longer. Read the original story...


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