West Ham Confirm Eggert Magnusson’s Departure & Board Changes

This was released at 12.45 by the Board of West Ham United FC

West Ham United FC has today announced changes in share ownership and a number of changes to the governance of the Club as part of the long-term development of the Club and its plans for the future, including a new 60,000 seat stadium.

The changes were agreed at a shareholders meeting of WH Holding, the UK holding company of West Ham United Plc.

The key changes are as follows:

Ø Björgólfur Gudmundsson has bought the 5% of shares held by Eggert Magnusson in West Ham United and is now the sole owner of West Ham.

Ø Mr Gudmundsson has invested a further £30.5million into the company in order to bolster the financial base of the Club.

Ø WH Holding and West Ham United Plc will form a joint Board to oversee all activities of the Club, including the new stadium development project.

Ø The new Board will be chaired by Mr Bjorgolfur Gudmundsson.

Ø Mr Eggert Magnusson has decided to stand down as Club Chairman in order to pursue his wider business and football interests.

Ø The new Board will comprise: Bjorgolfur Gudmundsson (Chairman), Asgeir Fridgeirsson (Vice-Chairman), Thor Kristjansson, Mike Lee, Gudmundur Oddsson with Executive Directors Scott Duxbury (CEO) and Nick Igoe (Finance Director).

At the first meeting of the new Board it was agreed to continue the process of investigating the potential development of a new 60,000 seat stadium for West Ham United.

Commenting on today’s changes, Mr Gudmundsson said:

“We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC. This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters. My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field.
I am particularly delighted that we have been able to take the first real step in our plans for a new stadium, which is crucial to the long-term ambitions of the Club.

“As we move forward I want to pay tribute to Eggert Magnusson, who has done a tremendous job as Chairman, often in difficult circumstances, since our consortium bought the Club twelve months ago. Eggert has decided to move on to new pastures and to pursue his other interests. We wish him well for the future and express our thanks for all that he has done for West Ham.

“As incoming Club Chairman I recognise the responsibility that comes with this role and I know that view is shared by all the members of the Board. Today marks the next step in the development of this great Club and we are all proud to be part of something so special”.

Outgoing Chairman, Eggert 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.

“The last twelve months have not been without their challenges but I feel that we have emerged stronger and fitter as a Club. 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 onto the next level.

“I would like also to pay a special tribute to the West Ham fans who, I believe, have shown themselves over many years to be the best in the country.

“My thanks to everybody who has worked with me in my time here and I wish the Club every success for the future. I will still be cheering on the team whenever time permits.”

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18 Responses to West Ham Confirm Eggert Magnusson’s Departure & Board Changes

  1. new york says:

    thx iain

  2. Rooster says:

    Lets see what the Bjorg can do for us now eh!!! 1st thig is find out why we have so many Injuries, which makes us top of the Injury league table.

  3. geoff says:

    I’m sure everyone would agree ‘Eggy’ has done an absolutely brilliant job and will be missed. But he’s going so that we can move on to the next stage, there are exciting times ahead. Hope he comes and watches a few games though and gets the reception he deserves. COME ON YOU IRONS

  4. Croydonian says:

    Shame – I liked Eggy.

  5. NunheadHammer says:

    What a shame Eggy is going.
    Amidst all the upheavals of last season, his very public passion, loyalty and commitment to the club gave everyone hope and sent a positive message to us all (even when the media was slating us).

  6. Dax says:

    It all sounds very positive. Exciting times. Our future definitely seems to be onward and upward. I would however like us to start by taking 3 points off Everton on Saturday. I’m craving some revenge!!

  7. HAMMERATHOME says:

    I endorse everything NunheadHammer said. and he was so clearly a “football” man.
    I love the story about his inclination to stop Board meeting if they started to get over heated and have a kickabout in the carpark with jackets as goals. How very different to the numpties at Liverpool and their “Premier Trophy thingy”.

  8. new york says:

    nice one dax

  9. vdm says:

    Re Rooster – one of the reasons we have alot of injured players is that we bought ‘injury prone’ players – we have heard quite a bit recently that we have a big squad – and yet look at the bench last night.
    Even with the ‘big squad’ we still have no good cover at full back and we’ve been lucky that McCartney and Neill have stayed fit.

  10. ironsmith says:

    Eggart gave us all something very special indeed as west ham fans that we have never really had before and I have been a supporter for 47 years. The special thing being real hope and thank you, sir, for making West Ham United infinitely better during your relatively short but very eventful tenure.

  11. new york says:

    on the subject of eggert ,and him staying strong through the legal battles, what a surprise , kevin mccabe has launched a “new and improved” version of his lawsuit against west ham for compensation.

    which is why some of us aren t prepared to “move on” from the mccabe issue until that vermin is well and truly bankrupted. mccabe should be countersued for every penny he s got. nobody should be entitled to 5 hearings. nobody.

  12. Rooster says:

    Re VDM, i would say that Green has saved the bacon many times for the back 4.. We still have a long way to go before we think we are a top team..

  13. The Headmaster says:

    Oh no – yet more change.
    Thanks Egg – you were the best, most loyal and high profile chairman in the EPL for my money. A real breath of fresh air after the Brown era. Brown in more ways than one, I think most of us agree.
    Sorry re the ‘change’ comment but the aging cynic in me just always fears the worst at times like this. What next in the march towards the fulfillment in the masterplan? BM upper seats recategorisation to band 1 prices perhaps? (they moved, unannounced from 4 to 3 last close season – net result minus £300 for the likes of me), A percentage of all of our salaries into the club coffers?
    Holding my breath…………………..Worried………………………………

  14. new york says:

    re the post at 17.09 it is a genuine concern, yet another episode of “change”,and what that entails. Part of what it entails definitely seems to mean the club is going to be run more like a corporation,and less like teh “family club” it once was . That may be necesary to a degree to compete in world in which even clubs below the top 4 are now being heavily funded by foreign investors. but i agree that it does have an unpleasant side to it , as many fans, including long-standing ones, may start to get priced out.

    one example are the beambacks. these used to consist of paying a fiver or so ,to sit in the ground outdoors as normal . gone is that option. now it s 20 to 35 pounds to watch in some executive lounge and eat a meal with it . that s not small potatoes for essentially watching on a glorified version of TV with pie n mash. worse if you consider bringing a little un with u . I understand that the club needs to compete financially ,and that this “new style” beamback is perhaps better than nothing at all, but there is a risk that in the process the club falls increasingly out of touch with at least a significant portion of its supporters. there is a need for balance , and my concern ,as implied by headmaster, is that the club is showing signs of not managing that balance well enough. growth is fact of life ,but the club needs to make an effort to make sure it does not trample on its supporters in the process. and it needs to not take for granted the maniacal ,almost “religious” support the club enjoys- that fanatical support should not be taken for granted. our new owners have a tightrope to walk- i have questions about whether thet have the desire or teh ability to walk it.

  15. Brooking always knows best! says:

    I think it’s bad news for all of us fans that Eggy has now left. He was the link with the fans. I hope the new chairman who is also the owner will give as much effort in communicating his wishes. Now is the time to be optimistic though. New stadium, big plans to develope the team, all sounds good to me.

  16. Rooster says:

    I appreciate and understand what New York is telling us and what once the Headmaster wrote an article on http://ironworker.wordpress.com/2007/11/08/beambacks-what-a-rip-off/ but there is no U turn now (a phrase used by a woman who destroyed the working class & Great Britain) we all know BG is a businessman first and a lover of football 2nd or 3rd, but the man is giving his all for this club, when once, all we had was brown, who was taking it all.
    Give the guy a chance, like we gave Eggert a chance, we might just turn out to love this guy, some of the guys he has in the boardroom now are world class.

  17. HammerMalta says:

    I have follwed West Ham for so many years and i have never seen a chairman of any football club who shows such emotions when his team looses a game.You can see the sadness in his face he was nt there for the money he loved West Ham in his short heartbreaking spell .Mr Eggert you will be missed but not forgotten .WEST HAM TILL WE DIE .

  18. new york says:

    fair kop from rooster that ,all things considered,despite some unsettling issues,what we have now is miles better than what existed with terry brown.

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