Icelandic FA chief linked with £75m Hammers bid

West Ham have received a formal takeover approach from Icelandic businessman Eggert Magnusson, which values the club provisionally at £75m.

Magnusson, head of Iceland's football federation and a member of the Uefa executive committee, is heading the bid which, if successful, will end months of uncertainty at the club.

Magnusson last night said: "We are at the beginning, we have shown an interest but there is some way to go.

"West Ham are a great club with a great history and good reputation. They have a very good manager and great players, backed by fantastic support."

The emergence of his interest raises the prospect of a bidding war for Upton Park although a rival approach from Iranian businessman Kia Joorabchian looks increasingly doubtful.

Magnusson 59, has appointed former Football League chairman Keith Harris to oversee the takeover approach.