Hammers chief Magnusson steps down

WEST HAM owner Bjorgolfur Gudmundsson yesterday assumed full control of the club in a move that has seen a severing of ties with chairman Eggert Magnusson.

Magnusson, the club’s figurehead in the year since the £108million (€150m) takeover by an Icelandic consortium, has sold his 5% shareholding to Gudmundsson — who also takes over as chairman.

Gudmundsson, a banker and businessman known as ‘BG’ is rated among the world’s richest 800 people.