After years of being despised by so many East Londoners for overseeing some of the most disastrous periods in the Hammers' history, Brown has agreed to relinquish his Chairmanship and walk away with a profit of around £27 million.
Magnusson looks set to pay a total of £85 million to West Ham's main shareholders Brown, Martin Cearns and Charles Warner and will also take on the Hammers' debts of around £22.5 million.
The future of a number of people around Upton Park still remains unclear this morning however one person extremely happy with the news will be Alan Pardew. Pardew met with Magnusson last week and was enthused by the promises made to him by the current president of the Icelandic Football Association.