Eggert Magnusson's consortium will complete their takeover of West Ham United on Monday, according to this morning's edition of the Independent.
The Icelandic group are set to finalise a £75m takeover of the club within 48 hours, just a fortnight after being granted permission to enter the race after Kia Joorabchian's bid faltered following disagreements over outstanding payments.Magnusson - whose major backer is billionaire banker Björgólfur Guðmundsson - is set to assume the position of Chairman, although current incumbent Terry Brown is likely to remain at the club in an honourary role.
The consortium's offer of £75m (cash) was formally accepted during the week; they will also take on the club's outstanding debts of £22.5m.
The Indy claim that a formal announcement is not expected until later in the week.
* There is good news for the hundreds of single-share owners assuming the Independent's report proves to be correct. The Indy claim that Magnusson's consortium will control just 75% of the Club, which falls well short of the 90% required in order to trigger compulsory purchase of all shares.
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