Eggert Magnusson will officially take over as West Ham chairman on Monday after his consortium this week took control of more than 90% of the club's shares.
The Icelandic businessman will immediately turn his attention to two burning issues - the January transfer window and whether to pursue talks on a possible move to London's 2012 Olympic Stadium.
Magnusson will meet manager Alan Pardew early next week to finalise their targets for the transfer window, and the Hammers have already expressed an interest in bringing Shaun Wright-Phillips from Chelsea.
The pair will also discuss the future of the two Argentina World Cup stars, Carlos Tevez and Javier Mascherano.
No final decision has yet been taken over their future but it looks possible that Tevez may stay for the rest of the season while efforts are made to find Mascherano another European club.
Magnusson will also have less than a month to decide whether he should pursue an interest in West Ham moving to the Olympic Stadium after 2012.
The 59-year-old had a top-level meeting last night with Olympics minister Tessa Jowell, London mayor Ken Livingstone and senior London 2012 officials, where the stadium was discussed.
Magnusson has until December 31 to decide whether to commit the club to a formal proposal to move, after which it would be up to London 2012 to make the final decision on whether they were in favour of West Ham's involvement.
The cost to West Ham may prove a significant factor. Although there would be money available to finance a stadium move, Olympic chiefs have not given Magnusson a definitive figure of how much they would expect the club to contribute to the stadium.
So far, figures suggested have varied from £#100million to £150million.
The timescale is also very tight - detailed design work for the stadium is expected to begin in February - while Magnusson and his consortium would also have to decide whether a Barclays Premiership club could be compatible with a stadium that would have to have a track and field capability and be available for community use.
The Stade de France in Paris, which has retractable seating over a running track, has been suggested as a possible model.
