Club announces Bjorgolfur Gudmundsson becomes the sole owner of West Ham
United
13.12.2007
West Ham United 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:
# Bjorgolfur Gudmundsson has bought the five per cent of shares held by
Eggert Magnusson in West Ham United and is now the sole owner of West Ham
United.
# Mr Gudmundsson has invested a further £30.5m into the company in order to
bolster the financial base of the Club.
# 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.
# The new Board will be chaired by Mr Bjorgolfur Gudmundsson.
# Mr Eggert Magnusson has decided to stand down as Club Chairman in order to
pursue his wider business and football interests.
# 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 on to 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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