Czech billionaire Daniel Kretinsky is set to become the largest shareholder at West Ham United after existing investors moved to block a takeover attempt by Amanda Staveley. The decision delivers a major blow to former Newcastle United director Staveley, who had reached an initial agreement to buy the Gold family's 25.1 per cent stake in the Championship outfit.
Kretinsky, who owns Royal Mail, is thought to have exercised pre-emption rights to allow current shareholders to split the Golds' holding among themselves. Under the restructuring, Kretinsky will increase his stake from 27 per cent to 46 per cent. Former joint-chairman David Sullivan will raise his holding from 38.8 per cent to 40 per cent, while American investor Tripp Smith will expand his share from 8 per cent to 11 per cent. The remaining shareholders will see their portion rise from 1.1 per cent to 3 per cent. Terms of the transaction have not been disclosed.
Staveley had offered 150 million pounds for the Gold family stake, a purchase that some observers viewed as the first step towards a full takeover of the East London football club. Pre-emption rights provide existing shareholders with the right of first refusal, allowing them to purchase available shares before an outside investor can finalize a transaction.
Shareholder restructuring
The changes in ownership come amid ongoing scrutiny surrounding Sullivan, 77, who stood down as joint-chairman in June in the wake of serious allegations that he abused his power by preying on women for sex. Sullivan categorically denies the claims against him.
Following a historical complaint made to the Football Association, Sullivan is currently banned from having direct access or one-to-one contact with the West Ham women's and youth teams. The Independent Football Regulator stated that it would seek urgent information regarding the allegations against Sullivan and confirmed that it has also contacted Essex Police.
Corporate background
West Ham United have been contacted for comment regarding the equity changes. Sullivan previously co-owned Birmingham City alongside the late David Gold before purchasing their controlling stake in West Ham in 2010. Staveley previously gained prominence in football finance through her firm PCP Capital Partners, which helped facilitate the 2021 acquisition of Newcastle United.
