Alan Curbishley has six weeks to prove himself good enough to take West Ham United forward.
Curbishley led West Ham to safety last season after a slow start. A last-day victory at Old Trafford sealed the great escape.
But the West Ham board were unhappy that Darren Bent chose to move to Tottenham from Charlton - Curbishley's old club - in the summer for less money than West Ham were offering.
With Magnusson stating he wants Champions League football at Upton Park within four years, the shambolic opening day showing was unacceptable to the owners of the club.