Magnusson, the club´s figurehead in the year since the £108million takeover by an Icelandic consortium, has sold his five per cent shareholding to Gudmundsson - who also takes over as chairman.
Gudmondsson said: "We are seeking to build some truly solid foundations for the future ambitions of West Ham United. This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters."
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