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Eggert Magnusson has stepped down as chairman of West Ham United and sold his stake in the club....

Is this the first sign of what alot of supporters feel could be the death of the game as we know it in this country?. Rich business men buy a new toy, make a quick but quite huge profit and then sell up and move on, leaving their toy broken and in need of reconstruction.

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Guest crosser

it was always going to happen couple of months ago eggert was moved sideways and the new chairman Bjorgolfur Gudmundsson was always the main money man eggert only had 5% of the shares.

Shit it looks like west ham have turned into truro :D

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(Taken from Setanta sports)

Bjorgolfur Gudmundsson has become the sole owner of West Ham United, with Eggert Magusson severing all ties with the club after stepping down as chairman.

The Premier League club announced the reshaping of their board on Thursday with the most notable point being Magnusson’s decision to sell his five percent stake in the London side.

Magnusson has been the public face of the West Ham board since their takeover in November 2006 and was heavily involved in dealing with the controversies surrounding the Carlos Tevez affair and Sheffield United’s eventual relegation at the conclusion of last season.

Gudmundsson, who has bought Magnusson’s share to assume sole control, paid tribute to the former chairman for his work at Upton Park after announcing the changes.

"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,” Gudmundsson told the club’s official website.

“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 12 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."

Magnusson added: "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 12 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."

Say what you like about the fella but the Egg did us proud and i think most West Ham fans will agree that we are a better club today than we were 12 or so months ago.

Its all about the MONEY in football and i agree it is ruining the game but we are not the first and will not be the last to have RICH foreign owners.

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It just seems so weird though cockerkneeboy mate. He came to the country only a year ago and he had so much passion and desire when saying about what he wanted to with the club and what he wanted to give the supporters. He was a genuinely nice guy and in all the Carlos Tevez saga he conducted himself with great dignity whilst working through a problem that was not even of his making.

Nobody can blame the fella if he's had the chance to make a nice sum of money, afterall he is a business man. I just find it really weird because he seemed to have a genuine passion for the club and project when he took over. You're right though cockerkneeboy, the club is certainly better off than what it was before his arrival. Nice guy, wish him well.

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I agree with what you say Coopsie fella and yes that thought had indeed crossed my mind, I think the Egg was only ever going to be there for a short period and seemed to be the face with regards to the consortium that bought the club, He has indeed conducted himself in the highest order and although I don’t know the chap personally I have a lot of time for him, he came to the club when we looked dead and buried and has turned things around which as makes a lot of West Ham fans happy. :D

Just like any other football fan, All you can ask as a supporter is that when someone comes to your club they give no less than 100% and that’s exactly what the Egg has done, Take Carlos Tevez last season he wore his heart on his sleeve and never gave up running, The club stayed up (By whatever means) and Carlos himself said that he would like to be known as a West Ham legend if and when he left, Well not sure about a legend but he is held in high regards at upton park and when he plays there again in the red of Manure then he will get a fantastic reception which is more than the likes of INCE & LUMPARD get.

The Egg has stated though that he will still be supporting the Claret & Blue of West Ham and I doubt that’s the last we have seen of him at Upton Park. :clapper:

I will say one thing though, Just how many of us know what really goes on at a professional football club behind closed doors ??.

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