The outgoing Eggert Magnusson has said that he feels it is 'the right time to step down'.
The popular former Chairman officially parted company with West Ham United FC today just one year after taking control of the club from former Chairman Terry Brown.The shock news of his departure was revealed earlier today, with the announcement that Magnusson's former partner - Bjorgolfur Gudmundsson - would be taking full control.
Talking via whufc.com, Magnusson said:
"I have thoroughly enjoyed my time here at West Ham. From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the Club, it has been an honour to be involved.
"Now that I have sold my financial stake in the Club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as Chairman.
"Bjorgolfur has always supported me as Chairman and I am pleased that he has decided to take over the role to help the Club move on to the next level."
And the popular 60-year-old also had special praise for the Hammers fans, with whom he was an extremely popular figure.
"The West Ham fans, I believe, have shown themselves over many years to be the best in the country," he added. "I will still be cheering on the team whenever time permits."
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