We're relieved £17m Bent turned us down, says West Ham chairman

The Hammers had lined up a deal for Bent, 23, which would have smashed theclub's transfer record.

But the former Under-21 international decided against a switch to Upton Park and is thought to be interesting Tottenham.

"The deal we put in place seemed to work for everybody concerned," Magnusson said.

"Throughout the negotiations all the signs were positive. Therefore I was surprised when I learned that Darren had decided not to join us.

"I feel let down and disappointed. But it is time to move on.

"In the aftermath of this I have been encouraged by the reaction of our supporters. They appreciate the efforts we made and some of the feedback suggests they are less disappointed than I thought they might be.

"The view seems to be that perhaps this wasn't the best deal we could do at this stage. I'd like to think the experience will eventually stand us in good stead and there's no doubt about it, lessons have been learned."

Magnusson also dismissed claims of soaring wages at Upton Park.

Reports that the Hammers' spending was out of control, with Australia international Lucas Neill earning £72,000 a week, were denied by Magnusson, who insisted no player at Upton Park enjoys a weekly wage of more than £55,000 a week.

And, although Magnusson admits he is prepared to breach the club's wage ceiling for the right player, he warned there is "no bottomless pit of money".

He told the club's website, www.whufc.com: "West Ham United is very much in the spotlight at the moment.

"I totally accept that as chairman of a club with ambition and drive. However, I am disappointed that there is a widespread belief that the club has a bottomless pit of money to spend on transfer fees and player wages.

"This is a great football club which will be run on sensible business lines to build a secure, long-term future.

"That includes our policy on players' wages, set at a ceiling of £55,000 a week. Despite figures being circulated in the game, no player at West Ham United earns more than that at present.

"Of course, as an ambitious club we will react to the marketplace, in common with most other football clubs.

"If the right player comes along at the right price, then we will look at that, but we want players who want to play for West Ham United."