WEST HAM are the subject of a £100million takeover bid by an American consortium, according to reports.

The News of the World claim London-based Intermarket Group, led by Wall Street mogul Jim Bowe, entered into negotiations with the club before the weekend.

The rest of the consortium is said to be made up of wealthy Hammers fans with Bowe, the former head of the New York Board of Trade, at the forefront.

It is understood that the group have made contact with Andrew Bernhardt, chairman of CB Holdings, the company that owns the club.

Bowe told the newspaper: "My colleagues and I have been approached by the consortium with the aim of buying West Ham in its entirety.

"We are not interested in just taking on the debt, or securing a percentage. We want to get West Ham back on track for the upper echelons of the Premier League.

"We want what the fans want and there is no restriction on us as to how we achieve that aim. We are in the early stages of our discussions with the club. But we are optimistic that we can develop a proposal that will benefit all parties. The best deal is the deal where everyone feels that they've won. "The consortium comprises West Ham supporters who have made serious money in the City, the United States and elsewhere and who see the potential in the club, its fanbase, academy and playing staff.

"The people involved have the money required, and, more importantly, the right sentiments. They have no interest in interfering with the playing side of things, but they will make money available in the January transfer window.

"They also possess the expertise to see West Ham restructured and organised in a way that will help the club realise its potential. Fortune has been hiding for too long."

It is believed that CB Holdings, a branch of Icelandic bank Straumur, were eager to hold out for up to £120million for the club, but a fee closer to £100million is likely to be enough.

The takeover would see Intermarket Group take on West Ham's estimated debts of over £50million.

The club were bought out in 2006 by Icelandic businessman Eggert Magnusson, before he handed over the reins to Bjorgolfur Gudmundsson.

However, the collapse of Icelandic bank Landsbanki - which Gudmundsson owned – during the recession, as well as some profligate business dealings, has plunged the club into financial crisis.

Former Birmingham City owners David Sullivan and David Gold have been linked with a takeover of their own, but a concrete offer has yet to be made.