Křetínský set to become West Ham’s largest shareholder

Daniel Křetínský is set to become West Ham United’s largest shareholder after agreeing key terms to increase his stake from 27% to around 43%.The Czech billionaire’s 1890 Holdings vehicle will acquire part of the Gold family’s interest, subject to other shareholders’ pre-emption rights and the necessary approvals.Vanessa Gold inherited a 25.1% stake following the death of her father, former joint-chair David Gold, in January 2023. Her family’s holding is expected to fall to just over 9% once the transaction is completed.The deal would take Křetínský above David Sullivan, who retains a 38.8% shareholding despite stepping down as a director and joint-chair.Křetínský and Gold stated: “We have reached agreement on the key terms of a share purchase transaction between the Gold family and 1890 Holdings, which, subject to other shareholders’ pre-emption rights and necessary approvals, would make 1890 Holdings, part of the broader group EP, the largest shareholder in West Ham with an approximately 43% stake.“As the largest shareholder, group EP will be able to provide the additional financing the club needs. We expect to finalise this transaction in the next couple of weeks.”The ownership change follows Sullivan’s resignation after he was informed that historic allegations about his conduct were due to be published.Seven women have accused Sullivan of sexually exploitative and predatory behaviour dating back several decades. Sullivan has denied the allegations and has indicated he intends to take legal action.Křetínský and Gold commented that the full West Ham board was not informed about the allegations until around a month before Sullivan’s departure.They added: “As shareholders and directors of West Ham, our focus is now firmly on protecting the future of this football club. Our goal is to stabilise West Ham United, retain as many of our key players as possible and, under the management of Nuno Espírito Santo, secure an immediate return to the Premier League.“We are also committed to engaging with our fans and all business partners to build a stronger future for our club. We have already taken concrete steps toward this goal.”The agreement also includes a commitment from 1890 Holdings and the Gold family to vote together on key issues and support the strategy for an immediate return to the Premier League.Other shareholders, including Tripp Smith, Daniel Harris and Terry Brown, are understood to be aligned with the stabilisation plan.Křetínský first acquired his 27% stake in November 2021 in a deal reported to have valued West Ham at around £700m.His influence is now set to increase at a difficult point for the club, who were relegated from the Premier League and will play in the Championship for the first time since 2011–12.West Ham reported a £104.2m loss in their previous financial year and had been expected to raise substantial funds through player sales following relegation.The commitment to provide additional financing and retain key players could reduce pressure for a major squad sell-off as Nuno prepares for a promotion campaign.Křetínský is the controlling shareholder of EP Group, which owns Royal Mail parent International Distribution Services, and is also president and co-owner of Czech club Sparta Prague.