The Hammers board of directors unanimously agreed to accept the bid from the Magnusson led consortium and have recommended the offer to the remaining shareholders.

Magnusson said: "I am both delighted and honoured that Terry Brown and his colleagues wish to support our offer for west ham.

"We can now end the uncertainty of recent weeks and move forward into the next phase of development of this great club, with Alan Pardew leading our efforts on the pitch."

The move will see current West ham chairman Terry Brown replaced by Magnusson although Brown will remain at Upton Park as a director.

Speaking about the takeover offer, Brown said: "The offer reflects fair value considering our history, recent performances and prospects.

"Eggert Magnusson is fully committed to ensuring the club can continue its great tradition of success both on and off the field, to the benefit of supporters and the wider community."

The finalisation of the deal will see Magnusson resign from his current position at the Icelandic FA although he will continue in his current role on Uefa’s executive committee.

The Magnusson led consortium is backed by Icelandic billionaire Bjorgolfur Gudmundsson.