What We're Reading

Icelandic Offer for West Ham

Iranian businessman Kia Joorabchian has competition in his bid to takeover West Ham United. According to The Daily Telegraph, Iceland's UEFA executive committee member, Eggert Magnusson, is heading a bid that values the club at $140 million. : "We are at the very beginning, we have shown an interest but there is some way to go. We need to see everything before we make a bid," Magnusson told The Telegraph. If successful, the takeover would end months of speculation that Joorabchian, the man who orchestrated the bizarre deal that brought Javier Mascherano and Carlos Tevez to Upton Park, and his backers would eventually assume control of the West Ham board. "I want to stress I am a football man and that this is about football, nothing else," Magnusson said. The Icelandic businessman says he's no waiting to see if chairman Terry Brown will give him permission to start examining its accounts before making a formal offer. If Joorabchian can secure the backing of Israeli real estate magnate Eli Papouchado, he may yet be able to make a bid for West Ham, in which case there could be a bidding war, but the Telegraph article says "a rival approach from...Joorabchian is close to collapse." Sources in Iceland told the paper that Magnusson was prepared to put about $75 million of his own money into the takeover while funding the rest with a mix of debt and equity borrowing.

Read the whole story at The Daily Telegraph »

Next story loading loading..

Discover Our Publications