Daniel Kretinsky is set to become the biggest shareholder at West Ham after striking an agreement with David Sullivan, dealing a blow to Amanda Staveley’s hopes of buying a stake in the Championship club.
Staveley was a guest at the London Stadium for West Ham’s 4-2 win over Wolves earlier this week and was pushing to buy Vanessa Gold’s 25.1% stake in the club. The British businesswoman, previously a director at Newcastle, had struck a deal with the Gold family in July and was fronting a consortium looking for a way on to the east London club’s board.
However that arrangement sparked a process allowing West Ham’s other shareholders to exercise their pre-emption rights over the Gold family’s stake before a 5.30pm deadline on Thursday evening. It is believed that Kretinsky, a Czech billionaire and the owner of Royal Mail, and Sullivan have come to an agreement that will see the former increase his 27% stake to 46%. Sources have said there is unlikely to be a way back for Staveley’s group.
Sources have consistently said that Kretinsky, who will surpass Sullivan as the biggest shareholder, is determined to increase his interest in West Ham as they look to rebuild after their relegation from the Premier League last season. His plans were complicated by Staveley entering the picture.
However it is understood that Sullivan rebuffed an inquiry from Staveley about buying his stake during the summer. The 77-year-old privately indicated a preference to deal with Kretinsky, who first bought a stake in West Ham in November 2021. The arrangement will see Sullivan increase his stake from 38.8% to 40%, making him the second largest shareholder. The American businessman Tripp Smith’s stake will go from 8% to 11% and the remaining shareholders will rise from 1.1% to 3%. Staveley would need shareholders not to take up their pre-emption rights to have a chance of making a separate offer for the Gold shares.
Sullivan stepped down as a director and co-chair of West Ham in June, before a joint investigation by the Times and Panorama reporting on seven women abusing his power and preying on them for sex in claims that date back to the 1980s and 90s. The 77-year-old categorically denies the allegations. Sullivan has been present at West Ham’s home games this season but does not have a seat on the board and is no longer the most powerful person at the club.
