Magnússon Quits as West Ham Chairman Skip to content

Magnússon Quits as West Ham Chairman

Icelandic football (soccer) enthusiast and entrepreneur Eggert Magnússon retired from his post as chairman of the London football club West Ham United last Thursday. He has been succeeded by chairman of Iceland’s Landsbanki Bank Björgólfur Gudmundsson.

Gudmundsson, who was involved as a financial backer when Magnússon led a group of investors in overtaking West Ham last year, purchased Magnússon’s five percent share in the club as he took up his post as chairman last week, mbl.is reports.

According to a statement issued by West Ham last Thursday, Gudmundsson has contributed GBP 30.5 million (USD 61.9 million, EUR 45.6 million) to West Ham Holding to financially strengthen the club.

Magnússon is not planning to retire from football entirely, according to mbl.is. There is a strong possibility that he will become involved in projects for UEFA or FIFA in the near future.

Magnússon and Michel Platini, President of UEFA, are good friends and Magnússon also has connections at FIFA. Magnússon served as a board member of UEFA for five years, between 2005 and February 2007.

Click here to read more about Icelandic ownership of West Ham.

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