Eggert loses chairman's role at West Ham as owner Gudmondson closes in on new 60,000-seater stadium

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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".

Gudmundsson meanwhile wants to push ahead with a move to a new £250million, 60,000-seater stadium - a site has been identified at an old Parcelforce depot next to West Ham tube station.

He 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."

Gudmundsson has appointed his trusted aide Asgeir Fridgeirsson as vice-chairman and Mike Lee, the former Premier League, UEFA and London 2012 Olympic bid communications director, to be a board member.

The new board will comprise: Gudmundsson (chairman), Fridgeirsson (vice-chairman), Lee, Thor Kristjansson, Gudmundur Oddsson with executive directors Scott Duxbury (chief executive) and Nick Igoe (finance director).