Staveley explores West Ham investment amid ownership transition

Amanda Staveley and Mehrdad Ghodoussi have held exploratory talks over a potential deal involving West Ham United, placing the east London club among the opportunities being assessed by their planned sports and media investment fund.The discussions remain at an early stage and no formal offer has been made. The size and structure of any proposed investment are also unclear, including whether the pair would seek control or join West Ham’s existing shareholder group.Staveley said: “We’ve looked at a lot of clubs, including Tottenham, but we are looking at clubs around the Premier League and the UK, Europe.“We really want to be buying, going in and investing into a club again very soon.”Asked specifically about West Ham, she said: “Maybe. You don’t know.”Staveley and Ghodoussi are understood to be raising capital for a new sports and media fund targeting about US$1bn. The vehicle would give external investors access to football and related media assets identified and managed by their PCP Capital business.The pair are also working again with the Reuben family, their former partners at Newcastle United. Staveley has indicated that Reuben Brothers will participate in the new investment strategy, although the financial commitment and governance structure have not been disclosed.The renewed relationship creates the possibility of the Newcastle ownership model being adapted for another club, with Staveley and Ghodoussi sourcing and operating the investment while larger capital partners provide most of the funding.Staveley said: “Look, that’s why we’re doing our sports and media fund, so you can get access to those types of deals.“I think both my husband and I were attracted to building a business where we can take a brand that isn’t doing so well, a club that isn’t performing well, get it on the right road, and bring that forward.“There are very few clubs where that can work. If you want to tick every box, there’s actually very few clubs that allow that.”West Ham offer several characteristics likely to attract institutional investors, including a large London supporter base, Premier League heritage and a long-term tenancy at the London Stadium.The stadium arrangement removes the capital cost associated with owning and maintaining a major venue, but also limits West Ham’s control over matchday operations, commercial inventory and non-football revenue.Any transaction would also need to account for an ownership structure that is already undergoing significant change.David Sullivan owns 38.8% of West Ham but has stepped down from his board and leadership roles while addressing historic allegations about his personal conduct, which he denies.Daniel Kretinsky’s 1890s Holdings owns 27%, while Vanessa Gold holds 25.1% on behalf of the Gold family trust. WHU LLC controls 8%, with the remaining shares divided among smaller investors.Kretinsky has agreed to increase his position by acquiring part of the Gold family’s holding, a transaction that would make him West Ham’s largest shareholder with a stake of about 43%.That process could complicate any immediate attempt by Staveley and Ghodoussi to secure control. It could also create an alternative route through a minority investment or partnership with one of the existing shareholders.West Ham’s relegation from the Premier League has increased the club’s need for strategic and financial stability. The loss of top-flight broadcast distributions creates pressure to reduce costs, generate player trading income and finance a promotion campaign.The club reported a loss of more than £100m in their latest financial year, increasing the importance of new equity or shareholder funding as they adjust to Championship revenues.Relegation may also reduce the price expected for a significant holding, although West Ham’s brand, location and potential for a rapid Premier League return could sustain investor interest.Staveley and Ghodoussi previously helped assemble the consortium that acquired Newcastle for £305m in October 2021.Saudi Arabia’s Public Investment Fund took an 80% position, with PCP Capital Partners and the Reuben family each initially holding 10%. Staveley and Ghodoussi assumed prominent operational roles after completion.Their period at Newcastle included investment in the playing squad, facilities and commercial operations, alongside Champions League qualification and an expansion of the club’s executive structure.The pair sold their remaining Newcastle stake in July 2024, leaving PIF with 85% and the Reuben family with 15%.Staveley subsequently examined other football opportunities, including Tottenham Hotspur, but those discussions did not lead to a transaction.A West Ham deal would represent a return to direct Premier League investment, but the presence of Kretinsky and the club’s changing shareholder balance mean any proposal would require negotiations with several parties.No agreement has been reached and exploratory talks may not progress, leaving the completion of Kretinsky’s increased investment as the more advanced element of West Ham’s ownership transition.