West Ham Choose Between Rival Bids - 17/10/2006

West Ham hope to choose between rival bids for the Premiership club this week. A number of deadlines to complete a deal to end the long running takeover saga have been put back, but the potential bidders are increasingly concerned about the value of the club being reduced by relegation from the Premiership. Kia Joorabchian is reported to have the required funds available, but the Iranian businessman is yet to decide whether to make a formal order. Hence the increasing interest in the offer from Iceland's Eggert Magnusson. His initial offer of £60 million was dismissed as too far short of the club's valuation of £80 million, but he is reported to be ready to make a revised bid. He is likely to restructure the offer as well as West Ham were unhappy about the proposal to finance it by mortgaging the Boleyn ground. Magnusson is the president of the Icelandic FA as well as of Icelandic club Valur Reykjavik and has been on Uefa's executive committee since 2002. He is a director of Straumur-Budaras, an investment bank, and is on the board of Avion Group, an international transport consortium that owns Excel Airways. He could also raise money from wealthy individuals in Iceland, including Bjorgolfur Gudmundsson who made his money in the brewery industry. He would become the first Icelandic owner of a club in the Premiership, Championship side Stoke City having been acquired by an Icelandic consortium in 1999.