Wednesday, October 11, 2006
In other news the Club has announced a 6 million pound profit for 2005/6 up sharply on the 5.1 million pound loss of 2004/5. The turnaround can be attributed almost entirely to TV revenue from playing in the Premier League and the FA Cup run.
Eggert Magnusson, president of the Iceland FA and a member of the Uefa
executive committee, confirmed last night that he had made a formal approach to
buy the Barclays Premiership club. It is understood that the English-speaking
businessman, 59, is prepared to put in £40 million of his own money in a bid
that values West Ham at about £75 million.
“We are at the very beginning,” Magnusson said of the proposed takeover.
“We have shown an interest but there is some way to go. West Ham are a great
club with a great history and good reputation. They have a very good manager and
great players and are backed by fantastic support.”