Eggert Magnusson has quit his position as West Ham United chairman, sold his stake and left the Premier League club.

West Ham announced that Icelandic majority owner Bjorgolfur Gudmundsson had bought his compatriot's five percent stake.

Gudmundsson becomes the new club chairman and has invested a further £30.5 million pounds into the company.

West Ham added that the changes are "part of the long-term development of the club and its plans for the future, including a new 60,000-seat stadium".

"We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC," Gudmundsson told the club's official website.

"This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.

"My job as owner is to help plan for the future and create the right conditions off the field to help [manager] Alan Curbishley and the playing squad deliver success on the field."

Magnusson was part of the Icelandic consortium that bought the club a year ago, but said he was now leaving to concentrate on his other business interests.

West Ham narrowly avoided relegation last season, and are currently 10th in the standings.

Gudmundsson is the chairman of Icelandic bank Lansbanki and is the second-richest person in Iceland behind his son Thor.

Reuters