News Focus
- Daniel Kretinsky will increase his ownership from 27% to 43%, becoming West Ham’s largest shareholder.
- Current largest shareholder David Sullivan resigned as director following allegations of sexual misconduct.
- West Ham faces severe financial trouble after relegation from the Premier League and needs to raise over £100 million.
- The Independent Football Regulator may force Sullivan to sell his remaining 38.8% stake.
- Kretinsky and Vanessa Gold issued a statement expressing concern over the allegations against Sullivan.
Czech billionaire Daniel Kretinsky is preparing to become the largest shareholder at West Ham United. He has agreed to buy more shares from the Gold family. This move will increase his stake from 27% to 43%.
The change comes after David Sullivan stepped down as a director and co-chair last weekend. Sullivan faces serious allegations from seven women. They accuse him of abusing his power and pressuring them for sex during the 1980s and 1990s. The Times newspaper and BBC Panorama reported these claims. Sullivan strongly denies all accusations.
Kretinsky, who owns the Royal Mail, originally bought into West Ham in 2021. He paid £150 million for shares from Sullivan and the late David Gold. Now, he is buying part of Vanessa Gold’s 25% stake. Vanessa inherited these shares when her father David Gold died in January 2023.
The club currently faces a major financial crisis. West Ham dropped down to the Championship last month after relegation from the Premier League. The club lost £104.2 million last year. They must raise more than £100 million through player sales. This means key players like Jarrod Bowen could leave. The club also lacks a sporting director. Max Hahn, the head of technical recruitment, has also quit.
Sullivan owned 38.8% of the club and was its most powerful figure. However, the Independent Football Regulator (IFR) is now investigating him. The IFR has the power to force Sullivan to sell his shares. This would happen if they decide he fails the honesty and integrity test for football club owners. Tara Warren, a non-executive director at the IFR, has removed herself from this investigation. She previously worked as a senior director at West Ham until February this year.
Kretinsky and Vanessa Gold released a joint statement on Saturday. They said they were “deeply concerned” about the allegations. They praised the courage of the women who spoke out. The statement also revealed new details about Sullivan’s position. The board only learned on May 21st that the story would be published. They also discovered that the Football Association had restricted Sullivan since 2023. He cannot interact with the women’s team or youth teams. This followed a historical complaint from the 1980s, which Sullivan denies. Surprisingly, the women’s team did not know about these restrictions.
Kretinsky and Gold want to stabilize the club. They plan to provide fresh funds to help manager Nuno Espirito Santo. The goal is to keep key players and achieve immediate promotion back to the Premier League. They stated that 1890 Holdings, part of Kretinsky’s EP Group, will become the largest shareholder. This will allow them to provide the necessary financing to secure the club’s future.