Iceland businessman Eggert Magnusson is leading the consortium which has secured agreements to buy 83 per cent of shares and the Hammers' board have recommended the offer to remaining shareholders.
Magnusson’s consortium beat off a rival bid from Kia Joorabchianand. The consortium is backed by billionaire financier Bjorgolfur Gudmundsson, the chairman of Icelandic bank Landsbanki.
It is thought the consortium has also taken on the club's £22.5m debt.
Magnusson will replace Terry Brown as West Ham chairman. Brown will remain at Upton Park as a director. Magnusson is president of the Icelandic FA and has been a member of the UEFA executive committee since 2002. He will resign both posts.
