West Ham takeover bid inches forward

The takeover bid of West Ham by Icelandic businessman Eggert Magnusson began in earnest today when his financial advisors started inspecting the club’s accounts.

Magnusson has been given permission to conduct the process of full due diligence and has instructed his team to move as quickly as possible with a view to making a formal offer sometime next week.

West Ham gave permission for their accounts to be made available after an offer from a rival bid failed to materialise.

It is understood Magnusson is unconcerned by reports that an unnamed American businessman is also interested in the club and believes his offer will prove attractive to West Ham shareholders.

A spokesman for the Icelandic businessman told said: “We are moving forward.”

Magnusson met West Ham chairman Terry Brown on Monday and indicated he would be prepared to offer £75m (€111.9), with the bulk coming from equity rather than borrowing, and would also be prepared to take on the £22.5m (€33.6m) debt.

Magnusson also committed to making funds available for new signings in the transfer window and to keep faith with the under-pressure manager Alan Pardew.

The latest development means the likelihood of the bid fronted by Iranian-born Kia Joorabchian proving to be successful is dwindling by the day. While it is too early to regard Magnusson’s consortium as the front-runners they have certainly moved to a similar position to their rivals.