There have been suggestions from the camp of a rival bidder, Iranian businessman Kia Joorabchian, that the latest approach is a red herring but Magnusson, 59, is adamant that is not the case.

He said: “I have been following events for the last year and have seen there have been some bids from other interests but nothing has happened.

“I would suggest that if there are any red herrings, it is the other bids, not our interest.

“I don’t know anything about this Iranian or his interest but I know we are looking at this seriously.

“I would not be wasting my time if we were not serious and whatever comes out at the end, we are serious now.”

The next move will be for West Ham to give the new bidder permission to consult their accounts.

Former Football League chairman Keith Harris, the head of investment bank Seymour Pierce, has been appointed to oversee the takeover approach.

Harris recently advised Randy Lerner on his £56m purchase of Aston Villa and Michael Wilde’s takeover of Southampton.

Magnusson added: “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.”