The Czech billionaire Daniel Kretinsky is set to become West Ham's largest shareholder after striking a deal to increase his stake from 27% to 43% — a move that comes in the wake of historic allegations of sexually exploitative behaviour against the club's former co-chair David Sullivan.
Sullivan stepped down as a director and co-chair last Saturday, before a joint BBC Panorama and Times investigation reported seven women accusing him of abusing his power and preying on them for sex, in claims dating back to the 1980s and 90s. The 77-year-old categorically denies the allegations and said he will launch legal action against the BBC.
“Daniel Kretinsky becomes West Ham's largest shareholder after David Sullivan allegations, increasing stake to 43%.”
Kretinsky and Vanessa Gold, who inherited her 25% stake after the death of her father David Gold in January 2023, said in a joint statement they were "deeply concerned" by the revelations. "Our thoughts go out to those women who have fought so hard to make their voices heard," they said. "Any abuse of power is abhorrent."
The statement revealed the full West Ham board was not notified about the allegations until approximately a month ago, and the full details only became apparent when they were made public on Monday 8 June. Additionally, board representatives of shareholders other than Sullivan were only made aware this week of safeguarding measures that have been in place since 2023. Sullivan had been banned from having contact with the club's women's and youth teams for the last three years because of safeguarding concerns.
The deal will see Kretinsky's 1890 Holdings become the largest shareholder, exceeding Sullivan's 38.8% stake. It remains unclear if Sullivan intends to sell his shares, but the Independent Football Regulator could force a sale if it concludes he no longer meets required standards of honesty and integrity. A nonexecutive director on the IFR, Tara Warren, has been removed from any potential investigation to avoid conflict of interest, having been a senior director of West Ham until February.
West Ham are in major financial difficulties after their relegation from the Premier League last month, making a loss of £104.2m last year. Kretinsky intends to inject capital to help manager Nuno Espírito Santo build a squad capable of winning promotion. A source described the situation behind the scenes as a "mess".
Kretinsky and Gold said their goal is to stabilise the club, retain key players, and secure an immediate return to the Premier League. "As the largest shareholder, group EP will be able to provide the additional financing the club needs," they said. The deal is subject to other shareholders' pre-emption rights and necessary approvals.