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Last Updated: Thursday, 19 October 2006, 07:40 GMT 08:40 UK
West Ham reject takeover reports
Iceland businessman Eggert Magnusson has expressed an interest in West Ham
Magnusson is based in Reykjavik
West Ham have denied an announcement is imminent on Eggert Magnusson's proposed 75m takeover of the club.

The Icelandic businessman had reportedly submitted an improved bid to the club's directors after an initial approach was rejected last week.

But responding to the possibility of an announcement within 48 hours, a club spokesman said: "This is absolutely, categorically not the case."

Magnusson is due to meet West Ham board members before the end of the week.

It is understood that the original bid was for around 65m, which failed to match West Ham's expectations.

The latest bid is thought to include an agreement to take on the club's existing 20m debts.

The funding for the deal is expected to be provided by a respected Icelandic financial institution - although not the investment bank Straumur-Burdaras of which Magnusson is vice-chairman.

If West Ham chairman Terry Brown is tempted by the offer, his next move will be to give 59-year-old Magnusson permission to consult the club accounts.

Iranian-born businessman Kia Joorabchian, who orchestrated the transfer of Argentina internationals Carlos Tevez and Javier Mascherano to Upton Park, had declared an interest in taking over the club but his bid has so far failed to materialise.

SEE ALSO
Magnusson 'improves Hammers bid'
17 Oct 06 |  West Ham Utd
New takeover approach at West Ham
11 Oct 06 |  West Ham Utd
Pardew backed by West Ham bidder
12 Oct 06 |  West Ham Utd
Takeover talk frustrates Pardew
27 Sep 06 |  West Ham Utd
Joorabchian given fresh backing
22 Sep 06 |  West Ham Utd
Investor 'eyes 70m Hammers deal'
05 Aug 05 |  West Ham Utd
West Ham in takeover discussions
01 Sep 06 |  West Ham Utd


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