Kretinsky raises West Ham stake to 43%, becomes largest shareholder after Sullivan quits

Scandal and Sullivan's exit

David Sullivan resigned as West Ham United co-chairman with immediate effect on 6 June, two days before a joint investigation by BBC Panorama and The Times published allegations that he had engaged in sexually exploitative and predatory behaviour towards women over several decades. Sullivan, 77, released a statement that he "categorically" denies the claims, which he called "factually incorrect and entirely false."

The board learned the full details only when the report was made public on 8 June. Sullivan had informed shareholders about a month earlier that unspecified allegations might appear, but the club said the board was not notified of the substance until the publication.

Kretinsky's stake increase

On Saturday 13 June, Kretinsky and Vanessa Gold (who inherited shares after her father David Gold died in 2023) announced they had agreed terms for a share purchase transaction. The deal will lift 1890 Holdings' stake from the 27% it has held since November 2021 to about 43%, exceeding Sullivan's remaining 38.8% holding. The transaction is expected to close in the next couple of weeks.

Kretinsky and Gold said they were "deeply concerned" by the revelations.

“Our thoughts go out to those women who have fought so hard to make their voices heard. Any abuse of power is abhorrent, and it takes great courage and determination to speak up against it.”

Kretinsky (before)27%

Kretinsky (after)43%

Sullivan (unchanged)38.8%

Kretinsky (before)

27 %

Kretinsky (after)

43 %

Sullivan (unchanged)

38.8 %

Data from the article text

Relegation and the return plan

The ownership shake-up arrives at a turbulent moment for the east London club. West Ham were relegated from the Premier League on the final day of last season, falling into the second-tier Championship for the first time since the 2011-12 campaign. Manager Nuno Espírito Santo has been retained despite the drop.

The new ownership group pledged to provide the additional financing the club needs.

“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.”

Delayed knowledge of safeguarding measures

The joint statement also revealed that directors had only just learned Sullivan had been banned from contact with West Ham's women's and youth teams for the preceding three years. The Football Association opened a safeguarding investigation in 2023, but the club's board stated that representatives of shareholders other than Sullivan were made aware of the restrictions only this week.

The new Independent Football Regulator is examining the situation and holds powers to expel individuals deemed unsuitable under its Owners, Directors and Senior Executives regime.

Cross-ownership rules at play

Kretinsky already controls AC Sparta Prague through 1890 Holdings, a structure that raises UEFA rules forbidding clubs owned by the same entity from competing in the same European competition. Should his West Ham stake eventually reach 51%, he would need to adjust his Sparta Prague position to keep both clubs eligible for UEFA tournaments.