Gudmundsson plans investment

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Magnusson, the club's figurehead in the year since the £108million takeover by an Icelandic consortium, has sold his five per cent shareholding to Gudmundsson - who also takes over as chairman.

Gudmondsson said: "We are seeking to build some truly solid foundations for the future ambitions of West Ham United. This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters."

He added: "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, a banker and businessman known as 'BG', is rated among the world's richest 800 people. He becomes the sole owner of West Ham and will now pursue his aims to move to a new £250million stadium and for the club to break into the Premier League's top four.

He is investing a further £30.5million in the club, but the cash will not be used for transfers after the summer spending spree.

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

Gudmundsson also paid tribute to Magnusson who oversaw the Hammers' unlikely top-flight survival and the Carlos Tevez affair, still not entirely resolved.

He said: "Eggert Magnusson has done a tremendous job as chairman, often in difficult circumstances, since our consortium bought the club 12 months ago."