Daniel Kretinsky, the Czech billionaire who owns Royal Mail, is set to become West Ham United’s largest shareholder after agreeing to buy an additional stake from the Gold family – a move that comes just days after David Sullivan stepped down as a director and co-chair of the club following allegations of sexual misconduct.
Seven women have accused Sullivan of abusing his power and preying on them for sex in claims dating back to the 1980s and 1990s, according to a joint investigation by the Times and Panorama. Sullivan categorically denies all of the allegations.
“Daniel Kretinsky becomes West Ham's biggest shareholder with 43% stake after Sullivan steps down amid sexual misconduct allegations.”
Kretinsky will increase his stake from 27% to 43% after agreeing to buy a portion of shares from Vanessa Gold, who inherited her 25% stake after the death of her father, David Gold, in January 2023. The deal is expected to be ratified in the next few weeks.
In a joint statement, Kretinsky and Gold said they have “agreed to vote jointly on key matters and to support the strategy targeting an immediate return to the Premier League”. West Ham were relegated from the Premier League last month and are in major financial difficulties, having posted a loss of £104.2m last year.
Kretinsky intends to inject capital into the club to help manager Nuno Espirito Santo build a squad capable of winning promotion. A source with knowledge of the club’s inner workings described the situation behind the scenes as a “mess”.
It remains unclear whether Sullivan, who owns a 38.8% stake, intends to sell his shares. However, the Independent Football Regulator (IFR) could force the former pornography baron to divest if it concludes he no longer meets the required standards of honesty and integrity to own a football club. A nonexecutive director on the IFR, Tara Warren – a senior director of West Ham until February – has been removed from any potential investigation into Sullivan to avoid a conflict of interest.
Kretinsky became a shareholder at West Ham in 2021 after paying £150m for a stake from Sullivan and David Gold. He now faces a battle to lift morale and get the club back on track.