Magnusson steps up Hammers takeover bid

ICELANDIC businessman Eggert Magnusson is set to step up his bid to take over West Ham by submitting an improved offer to the club’s directors.

Magnusson, head of the Icelandic FA and UEFA executive committee member, is leading a consortium that had an initial approach turned down by West Ham last week.

He is now poised to return with a renewed offer and has appointed Mike Lee, former communications director of UEFA and the London 2012 Olympic bid, to handle his public relations.

Magnusson is due to meet West Ham board members later this week. It is understood West Ham value the club at £75 million (€111 million) but would also want £20m (€29m) of debts covered. Negotiations are expected to focus on how much of the consortium’s money would be in cash and how much in equity and loans.