Magnusson meeting may set up £75m takeover at West Ham

The Icelandic businessman Eggert Magnusson is expected to meet the West Ham United chairman, Terry Brown, later this week to discuss his planned £75m takeover.

Magnusson, the head of the Icelandic Football Association, is leading a consortium which made an approach to buy the Premiership club earlier this month. He faces competition from a group with the entrepreneur Kia Joorabchian as its figurehead.

It appears increasingly likely that West Ham's future may well be decided before the club's Premiership fixture with Tottenham Hotspur on Sunday. Following a run of six defeats, including their exit from the Uefa Cup, they are now in the relegation places. Yet Magnusson, also a key member of Uefa, the European game's governing body,is an admirer of West Ham's under-pressure manager, Alan Pardew.

Negotiationsare expected to focus on how much of the consortium's money would be in cash and how much in equity and loans. If West Ham, who are £23.5m in debt, are satisfied with the Magnusson bid they will allow his advisers to look at the club's accounts and carry out due diligence. A takeover could then be finalised in a matter of weeks.