Chairman Eggert is victim of Hammers' reshuffle

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The Icelandic businessman has left after majority owner Bjorgolfur Gudmundsson bought out Magnusson's five per cent stake in the East London club.

Gudmundsson, a billionaire and the 799th richest man in the world, is now the sole owner of the Hammers and will be the new chairman.

The club's three boards will be amalgamated with 'BG' in charge.

Gudmundsson, chairman of Icelandic bank Lansbanki and the second richest man in his country behind his son Thor, is also planning a new cash injection into the club as they seek a new stadium.

West Ham fans will be sorry though, to see the departure of Magnusson.

With his distinctive bald head and his agonised facial expressions, the club's supporters made a connection with the Icelander that they never could with his predecessor, Terry Brown. His period at the club co-incided with a roller coaster few months when, after sacking Alan Pardew and appointing Alan Curbishley, the team miraculously escaped relegation while dealing with the Carlos Tevez affair.

Recently though, Magnusson had been marginalised, being reduced to a non-executive chairman amidst speculation that Gudmundsson, who had bankrolled the club, was unhappy with some financial aspects of the new set-up.

Magnusson, a former executive committee member of UEFA, is reported today to be pursuing "other business interests".