The outburst comes after his disapointment that Tony Pulis has been kept on as manager for next season.
Magnus said: "He hasn't been working with us. We have been talking several times, but he has always been shouting at us: "I'm using my own people." - Nor suprise considering it is the managers job to select the team, wouldn't you say.
"He doesn't want to use Toddi Gudjonsson," he continued. "I don't understand, not when we are losing. He doesn't even have a look at Tryggvi Gudmundsen. He scored two goals here in Iceland a few days ago. These players are good enough for Stoke", in his, but nobody elses opinion.
"But he mentions people who cost a lot of money. If he can find guys ready to put money into the club to buy a Heidar Helguson, he can do that. But not with my money."
The main investor in Stoke holding confirmed he will be looking to sell his shares in the company. "I am ready to sell if there's a buyer, to someone who will work with Tony Pulis," he said.
"The pleasure has gone for me. But I am only speaking for myself, not for the other shareholders".
Maybe now Pulis can continue to look for players that he feels will improve the squad, rather than having players signed on his behalf by an interfering board member that do not fit into his plans.
Although this may have a large effect on City's summer spending plans, as money will have to come from elsewhere if Tony is to bring in some quality players.