Magnusson’s West Ham bid backed by billionaire

A statement released by the consortium said: “Gudmundsson has confirmed that he is the main financial backer.

“He has given Mr Magnusson his full and absolute support in his efforts to mount a successful bid.”

The statement added: “Mr Gudmundsson is a wealthy Icelandic businessman with interests in companies with international operations in the field of finance, transportation, real estate and publications.

“Since he became chairman of Landsbanki in 2003, the bank has taken a lead in sponsoring sport in Iceland, particularly in football with an emphasis on the development of young players.

“Mr Gudmundsson is known in Iceland for his love of football. As a young man he played for the country’s oldest club, KR in Reykjavik, where he later became the chairman.”