Wednesday, November 22, 2006
Magnusson speaks
c+p from the official site.
"I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham United. We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch.
"I fully appreciate the personal responsibility that will come with becoming Chairman of West Ham in due course and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field.
"This change of ownership comes at a very important time in the history of the club. Terry Brown and his fellow Directors have done a great job in recent years strengthening the club's foundations - I want to build on that, ensure continuity in the running of the club and help West Ham move to a new era.
"As we move forward we must not forget the club's great traditions, particularly in the training and development of young English players. All the way back to 1966 and the World Cup winning team of Bobby Moore, Geoff Hurst and Martin Peters, this is something that I have admired about the club. I am very committed to protecting and growing this part of the club's work.
"My mandate once I become Chairman is to oversee real progress at every level of the club's operations. This is a football deal to help the football club become even more successful. One part of that has to be securing the long-term future and we will look at various ways in which this can de done.
"In terms of the club's location we are buying what we see, which is West Ham United at Upton Park. However, if there is an opportunity to discuss a long-term move to the Olympic Stadium I would like to explore that, recognising that there will also need to be an athletics legacy from the London 2012 Olympic Games.
"I will also be continuing talks with Alan Pardew on how he sees the future on the playing side. This is very much his domain and he has my full confidence and support. He already knows that funds will be made available for the January transfer window but we need to discuss his needs and the investment that might be required to strengthen the squad.
"The main financial supporter of our bid, Mr Bjorgolfur Gudmundsson, has given me full backing and responsibility to take the club forward. He and I have known each other through football for many years and we share a passion for the game, particularly here in England.
"Mr Gudmundsson's commitment to the club is vital and he also believes that we can build something very special here at West Ham.
"Our partnership is now working with the club's officials and advisers to complete all of the necessary documentation on the takeover deal as soon as possible. We have made fantastic progress in recent days and once the formalities are completed I will assume the role of Chairman.
"There is a genuine excitement in the club about what we can achieve together, which I hope the fans will share. This club has so much to be proud of and I want everyone who loves and supports the club to bring their pride and passion to help build this next stage of West Ham United's future."
"I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for West Ham United. We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch.
"I fully appreciate the personal responsibility that will come with becoming Chairman of West Ham in due course and pledge to the staff, the players and the fans that I am here to serve and to do all that I can to deliver genuine success on and off the field.
"This change of ownership comes at a very important time in the history of the club. Terry Brown and his fellow Directors have done a great job in recent years strengthening the club's foundations - I want to build on that, ensure continuity in the running of the club and help West Ham move to a new era.
"As we move forward we must not forget the club's great traditions, particularly in the training and development of young English players. All the way back to 1966 and the World Cup winning team of Bobby Moore, Geoff Hurst and Martin Peters, this is something that I have admired about the club. I am very committed to protecting and growing this part of the club's work.
"My mandate once I become Chairman is to oversee real progress at every level of the club's operations. This is a football deal to help the football club become even more successful. One part of that has to be securing the long-term future and we will look at various ways in which this can de done.
"In terms of the club's location we are buying what we see, which is West Ham United at Upton Park. However, if there is an opportunity to discuss a long-term move to the Olympic Stadium I would like to explore that, recognising that there will also need to be an athletics legacy from the London 2012 Olympic Games.
"I will also be continuing talks with Alan Pardew on how he sees the future on the playing side. This is very much his domain and he has my full confidence and support. He already knows that funds will be made available for the January transfer window but we need to discuss his needs and the investment that might be required to strengthen the squad.
"The main financial supporter of our bid, Mr Bjorgolfur Gudmundsson, has given me full backing and responsibility to take the club forward. He and I have known each other through football for many years and we share a passion for the game, particularly here in England.
"Mr Gudmundsson's commitment to the club is vital and he also believes that we can build something very special here at West Ham.
"Our partnership is now working with the club's officials and advisers to complete all of the necessary documentation on the takeover deal as soon as possible. We have made fantastic progress in recent days and once the formalities are completed I will assume the role of Chairman.
"There is a genuine excitement in the club about what we can achieve together, which I hope the fans will share. This club has so much to be proud of and I want everyone who loves and supports the club to bring their pride and passion to help build this next stage of West Ham United's future."
Posted by whubris at 8:25 am
whubris said...
Some guff from the statement to the Stock Exchange.
WH Holding strongly believes that an integrated approach is required to build West Ham’s future
and will be looking to develop West Ham’s business both on and off the field, including
investment in the training ground and facilities (including the academy), stadium upgrades and
player acquisitions, all of which will provide West Ham with the opportunity to build upon its
existing strong foundations.
------------------------
WH Holding intends to continue to run West Ham as a football business, with operations
remaining at the current locations. WH Holding believes, however, that as part of its integrated
strategy going forward, there is scope to enhance current commercial operations.
WH Holding does not have any immediate intentions to dispose of or otherwise change the use of
any assets within the West Ham portfolio, although it would consider any potential opportunities if
and when they arise.
WH Holding will work with the executive management team of West Ham and expects that
existing members of senior management will continue to be involved in the ongoing business of
West Ham.
Following the Offer becoming or being declared unconditional in all respects, Terry Brown has
agreed to step down from the Board of the holding company of West Ham although he will remain
a director and employee of the football club. Paul Aldridge will remain as Managing Director and
Nick Igoe will remain as Finance Director.
Upon the Offer becoming or being declared wholly unconditional, Eggert Magnusson will assume
the position of Chairman of the Board of West Ham. Thor Kristjansson and Gudmundur J
Oddsson will also be appointed to the Board of West Ham.
Following the Offer becoming or being declared wholly unconditional, Eggert Magnusson will
assume the position of Chairman of the Board of West Ham United Football Club and Terry
Brown will be appointed as non-executive Deputy Vice Chairman. Each of Paul Aldridge, Nick
Igoe and Scott Duxbury will remain as executive Directors of West Ham United Football Club.
Furthermore, upon the Offer becoming wholly unconditional, Thor Kristjansson, Gudmundur J
Oddsson and Sighvatur Bjarnason will be appointed to the Board of West Ham United Football
Club. Sighvatur Bjarnason is the Chairman of the Board of Directors of both Cimbric
Fiskekonserves A/S and Saltur Holding ehf.
In addition, Bjorgolfur Gudmundsson will assume the position of Honorary Life President of West
Ham United Football Club and, in recognition of his service to the Club, Terry Brown will be
appointed as Honorary Life Vice-President of West Ham United Football Club.
Following the Offer becoming or being declared wholly unconditional, Charles Warner, Martin
Cearns and Christopher Manhire have agreed to resign from the Boards of all West Ham Group
companies. In order to ensure that the traditions of the Club are preserved, Charles Warner and
Martin Cearns (whose families founded the Club) will become Associate Members of the Club
until their respective 75th birthdays.
The Board of WH Holding has given assurances to the Board of West Ham that, on the Offer
becoming or being declared wholly unconditional, the existing employment rights of all
management and employees of the West Ham Group will be honoured and pensions obligations
complied with.
WH Holding does not have any current plans which would impact the existing arrangements with
employees. Upon the Offer becoming wholly unconditional there will be a full strategic review
before there is any substantive change in Club strategy.
------------------------
WH Holding, a company incorporated in England and Wales, was incorporated on 9 November
2006 exclusively for the purpose of making the Offer. Since its incorporation WH Holding has not
traded.
The current directors of WH Holding are Bjorgolfur Gudmundsson, Eggert Magnusson, Thor
Kristjansson and Gudmundur J Oddsson.
Eggert Magnusson, 59, is a former owner and chief executive of an import/export and bread and
biscuit manufacturing company. He has been president of the Football Association of Iceland
since 1989 and is a former president of Valur Reykjavik (1984-89), one of Iceland’s oldest
football clubs. He was elected to the UEFA Executive Committee in April 2002, having been a
member of the Licensed Match Agents panel (1992-94), the Fair Play Committee (1994-96) and
the Club Competitions Committee (1996-2002). He has also been a member of a number of
FIFA committees. Mr Magnusson also serves as a board member of Straumur-Burdaras, an
Icelandic investment bank, as well as of the logistics firm, Avion Group hf. Both Straumur-
Burdaras and Avion Group hf. are listed on the Iceland Stock Exchange.
Bjorgolfur Gudmundsson is an international investor with interests in various sectors including
financial services, international transportation, seafood processing and sales, real estate and
publishing. Mr Gudmundsson is the Chairman of the non-executive board of Landsbanki, a
leading Icelandic bank with operations in 12 countries. Since Mr. Gudmundsson became
Chairman of Landsbanki in 2003, the bank has taken a lead in sponsoring sport in Iceland,
particularly football, where it has focused on the development of young players.
Mr Gudmundsson's principal investments are in three holding companies: Samson
eignarhaldsfelag ehf., Samson Global Holding and Hansa ehf.
Samson eignarhaldsfelag ehf. and Samson Global Holding are owned by Mr Bjorgolfur
Gudmundsson, together with his son Mr Bjorgolfur Thor Bjorgolfsson, who is also his business
partner. Samson eignarhaldsfelag ehf. is a shareholder in Landsbanki, holding over 40 per cent.
of the issued share capital. Samson Global Holding is a shareholder in Straumur-Burdaras,
holding just over 30 per cent. of the issued share capital.
Hansa ehf. is wholly owned by Mr Gudmundsson and is a 28.5 per cent. shareholder in the
unlisted Icelandic investment company Fjarfestingarfelagid Grettir hf. Through the investment
company Opera fjarfestingar ehf. Mr Gudmundsson indirectly owns a further 10.3 per cent. of
Fjarfestingarfelagid Grettir hf. Fjarfestingarfelagid Grettir hf. owns 34.4 per cent. of the issued
share capital in Avion Group hf., a transportation company listed on the Iceland Stock Exchange
and a 26.4 per cent. holding in Icelandic Group hf., the international seafood processing and
sales company, which is also listed on the Iceland Stock Exchange.
Thor Kristjansson is a member of the board of Landsbanki.
Gudmundur J Oddsson is a partner at Logos legal services, an Icelandic law firm, and is head of
the firm’s London office.
------------------------
On 10 October 2006, West Ham announced its results for the year to 31 May 2006. Revenue for
the year was £60.1m (2005: £31.8m), positively impacted, most notably, by media revenue.
Operating profit before player trading was £13.4m (2005: operating loss of £1.9m) while profit on
ordinary activities before tax for the year was £6.0m (2005: loss of £5.1m). As at 31 May 2006,
West Ham had net bank borrowings of £22.5m, a reduction of almost 50 per cent. on the figure of
£44.1m at 31 May 2003 when the club was relegated from the FA Premier League.
------------------------
Name Number of West
Ham Shares
Percentage of
issued share capital
HSDL Nominees Limited 4,482,720 22.2%
Terence Brown 2,709,280 13.4%
Charles Warner 1,800,000 8.9%
Trustees of the 1995 PHL Hills Trust 1,750,000 8.7%
Trustees of the Cearns Trust dated 15 March 1994 1,617,000 8.0%
Ian Gordon 1,157,000 5.7%
David Sullivan 985,370 4.9%
Trustees of the 1997 CJ Warner Trust 702,000 3.5%
Smittco Nominees Limited 308,822 1.5%
Sally Cearns 240,000 1.2%
Martin Cearns 225,000 1.1%
Stephen Griggs 202,600 1.0%
Jean Brown 200,000 1.0%
Christopher Hills 200,000 1.0%
Brewin Nominees Limited 91,700 0.5%
Paul Aldridge 55,900 0.3%
Robin Cearns 25,150 0.1%
Brewin Nominees (Channel Islands) Limited 19,726 0.1%
Nicholas Igoe 500 0.0%
Purchased at 421 pence per share.
norven munky said...
"In terms of the club's location we are buying what we see, which is West Ham United at Upton Park. However, if there is an opportunity to discuss a long-term move to the Olympic Stadium I would like to explore that, recognising that there will also need to be an athletics legacy from the London 2012 Olympic Games."
WARNING, WARNING, WARNING.
beggers said...
Thanks for the info. whubris.
Leave UP! Yeah right! He must be taking the Michael. I'll believe it when I see it.
...Post a Comment ... Go to Forum
whubris said...Some guff from the statement to the Stock Exchange.
WH Holding strongly believes that an integrated approach is required to build West Ham’s future
and will be looking to develop West Ham’s business both on and off the field, including
investment in the training ground and facilities (including the academy), stadium upgrades and
player acquisitions, all of which will provide West Ham with the opportunity to build upon its
existing strong foundations.
------------------------
WH Holding intends to continue to run West Ham as a football business, with operations
remaining at the current locations. WH Holding believes, however, that as part of its integrated
strategy going forward, there is scope to enhance current commercial operations.
WH Holding does not have any immediate intentions to dispose of or otherwise change the use of
any assets within the West Ham portfolio, although it would consider any potential opportunities if
and when they arise.
WH Holding will work with the executive management team of West Ham and expects that
existing members of senior management will continue to be involved in the ongoing business of
West Ham.
Following the Offer becoming or being declared unconditional in all respects, Terry Brown has
agreed to step down from the Board of the holding company of West Ham although he will remain
a director and employee of the football club. Paul Aldridge will remain as Managing Director and
Nick Igoe will remain as Finance Director.
Upon the Offer becoming or being declared wholly unconditional, Eggert Magnusson will assume
the position of Chairman of the Board of West Ham. Thor Kristjansson and Gudmundur J
Oddsson will also be appointed to the Board of West Ham.
Following the Offer becoming or being declared wholly unconditional, Eggert Magnusson will
assume the position of Chairman of the Board of West Ham United Football Club and Terry
Brown will be appointed as non-executive Deputy Vice Chairman. Each of Paul Aldridge, Nick
Igoe and Scott Duxbury will remain as executive Directors of West Ham United Football Club.
Furthermore, upon the Offer becoming wholly unconditional, Thor Kristjansson, Gudmundur J
Oddsson and Sighvatur Bjarnason will be appointed to the Board of West Ham United Football
Club. Sighvatur Bjarnason is the Chairman of the Board of Directors of both Cimbric
Fiskekonserves A/S and Saltur Holding ehf.
In addition, Bjorgolfur Gudmundsson will assume the position of Honorary Life President of West
Ham United Football Club and, in recognition of his service to the Club, Terry Brown will be
appointed as Honorary Life Vice-President of West Ham United Football Club.
Following the Offer becoming or being declared wholly unconditional, Charles Warner, Martin
Cearns and Christopher Manhire have agreed to resign from the Boards of all West Ham Group
companies. In order to ensure that the traditions of the Club are preserved, Charles Warner and
Martin Cearns (whose families founded the Club) will become Associate Members of the Club
until their respective 75th birthdays.
The Board of WH Holding has given assurances to the Board of West Ham that, on the Offer
becoming or being declared wholly unconditional, the existing employment rights of all
management and employees of the West Ham Group will be honoured and pensions obligations
complied with.
WH Holding does not have any current plans which would impact the existing arrangements with
employees. Upon the Offer becoming wholly unconditional there will be a full strategic review
before there is any substantive change in Club strategy.
------------------------
WH Holding, a company incorporated in England and Wales, was incorporated on 9 November
2006 exclusively for the purpose of making the Offer. Since its incorporation WH Holding has not
traded.
The current directors of WH Holding are Bjorgolfur Gudmundsson, Eggert Magnusson, Thor
Kristjansson and Gudmundur J Oddsson.
Eggert Magnusson, 59, is a former owner and chief executive of an import/export and bread and
biscuit manufacturing company. He has been president of the Football Association of Iceland
since 1989 and is a former president of Valur Reykjavik (1984-89), one of Iceland’s oldest
football clubs. He was elected to the UEFA Executive Committee in April 2002, having been a
member of the Licensed Match Agents panel (1992-94), the Fair Play Committee (1994-96) and
the Club Competitions Committee (1996-2002). He has also been a member of a number of
FIFA committees. Mr Magnusson also serves as a board member of Straumur-Burdaras, an
Icelandic investment bank, as well as of the logistics firm, Avion Group hf. Both Straumur-
Burdaras and Avion Group hf. are listed on the Iceland Stock Exchange.
Bjorgolfur Gudmundsson is an international investor with interests in various sectors including
financial services, international transportation, seafood processing and sales, real estate and
publishing. Mr Gudmundsson is the Chairman of the non-executive board of Landsbanki, a
leading Icelandic bank with operations in 12 countries. Since Mr. Gudmundsson became
Chairman of Landsbanki in 2003, the bank has taken a lead in sponsoring sport in Iceland,
particularly football, where it has focused on the development of young players.
Mr Gudmundsson's principal investments are in three holding companies: Samson
eignarhaldsfelag ehf., Samson Global Holding and Hansa ehf.
Samson eignarhaldsfelag ehf. and Samson Global Holding are owned by Mr Bjorgolfur
Gudmundsson, together with his son Mr Bjorgolfur Thor Bjorgolfsson, who is also his business
partner. Samson eignarhaldsfelag ehf. is a shareholder in Landsbanki, holding over 40 per cent.
of the issued share capital. Samson Global Holding is a shareholder in Straumur-Burdaras,
holding just over 30 per cent. of the issued share capital.
Hansa ehf. is wholly owned by Mr Gudmundsson and is a 28.5 per cent. shareholder in the
unlisted Icelandic investment company Fjarfestingarfelagid Grettir hf. Through the investment
company Opera fjarfestingar ehf. Mr Gudmundsson indirectly owns a further 10.3 per cent. of
Fjarfestingarfelagid Grettir hf. Fjarfestingarfelagid Grettir hf. owns 34.4 per cent. of the issued
share capital in Avion Group hf., a transportation company listed on the Iceland Stock Exchange
and a 26.4 per cent. holding in Icelandic Group hf., the international seafood processing and
sales company, which is also listed on the Iceland Stock Exchange.
Thor Kristjansson is a member of the board of Landsbanki.
Gudmundur J Oddsson is a partner at Logos legal services, an Icelandic law firm, and is head of
the firm’s London office.
------------------------
On 10 October 2006, West Ham announced its results for the year to 31 May 2006. Revenue for
the year was £60.1m (2005: £31.8m), positively impacted, most notably, by media revenue.
Operating profit before player trading was £13.4m (2005: operating loss of £1.9m) while profit on
ordinary activities before tax for the year was £6.0m (2005: loss of £5.1m). As at 31 May 2006,
West Ham had net bank borrowings of £22.5m, a reduction of almost 50 per cent. on the figure of
£44.1m at 31 May 2003 when the club was relegated from the FA Premier League.
------------------------
Name Number of West
Ham Shares
Percentage of
issued share capital
HSDL Nominees Limited 4,482,720 22.2%
Terence Brown 2,709,280 13.4%
Charles Warner 1,800,000 8.9%
Trustees of the 1995 PHL Hills Trust 1,750,000 8.7%
Trustees of the Cearns Trust dated 15 March 1994 1,617,000 8.0%
Ian Gordon 1,157,000 5.7%
David Sullivan 985,370 4.9%
Trustees of the 1997 CJ Warner Trust 702,000 3.5%
Smittco Nominees Limited 308,822 1.5%
Sally Cearns 240,000 1.2%
Martin Cearns 225,000 1.1%
Stephen Griggs 202,600 1.0%
Jean Brown 200,000 1.0%
Christopher Hills 200,000 1.0%
Brewin Nominees Limited 91,700 0.5%
Paul Aldridge 55,900 0.3%
Robin Cearns 25,150 0.1%
Brewin Nominees (Channel Islands) Limited 19,726 0.1%
Nicholas Igoe 500 0.0%
Purchased at 421 pence per share.
norven munky said..."In terms of the club's location we are buying what we see, which is West Ham United at Upton Park. However, if there is an opportunity to discuss a long-term move to the Olympic Stadium I would like to explore that, recognising that there will also need to be an athletics legacy from the London 2012 Olympic Games."
WARNING, WARNING, WARNING.
beggers said...Thanks for the info. whubris.
Leave UP! Yeah right! He must be taking the Michael. I'll believe it when I see it.
