West Ham have received a formal takeover approach from an Icelandic businessman, it has been claimed.

Eggert Magnusson, who is also the head of Iceland's football federation, heads a group who value the club at around £75million.

Magnusson (59) said: "We have shown an interest but there is some way to go. We need to see everything before we make a bid.

"West Ham are a great club, backed by fantastic support. I am a football man and this is about football, nothing else."

Magnusson is reported to have appointed former Football League chairman Keith Harris, the head of investment bank Seymour Pierce, to oversee the takeover approach.

Harris recently advised Randy Lerner on his takeover at Aston Villa.