In an interview with the Sun newspaper yesterday, Sullivan blamed Magnusson for West Ham’s reported £110 million debts calling him “Mr Egghead”.
“Clearly Mr Magnusson, or Mr Egghead, thought the owner would subsidise the club,” he said.
“West Ham took a player from Arsenal who was on £30,000 a week and paid him £80,000. That wasn’t good business or necessary.”
“It was a crazy way that wages were paid out by the Icelandics, that brought the club to its knees. You pay good wages, not crazy wages.
“I’m sure some fans will be fearful that we might be like Eggert and decimate the club. We won’t.
“Magnusson phoned us six weeks ago and said he would like to be involved again. I don’t know what the man is thinking.”