Czech Billionaire Becomes West Ham's Largest Shareholder

Czech billionaire Daniel Křetínský has today increased his stake in English club West Ham to approximately 43%, becoming the largest shareholder following the resignation of co-chairman David Sullivan, who faced allegations of misconduct. 1890 Holdings, part of Křetínský's EP Group, boosted its share from 27% to 43% after initially acquiring its first stake in November 2021 through a deal with West Ham co-chair Vanessa Gold. Today's transaction is expected to be finalized and announced by the court in the coming weeks.

Sullivan resigned with immediate effect last week after a joint investigation by the BBC's Panorama documentary series and The Times newspaper published findings accusing him of "sexual exploitation and predatory behavior" towards women "for decades." Sullivan denied the allegations, but public pressure forced him to step down from the management of the 'Hammers,' who have been relegated from the Premier League to the Championship. The Czech businessman and Vanessa Gold stated in a joint statement released by the club that they were "deeply concerned" by the revelations in the investigation conducted by The Times and Panorama.

“The entire West Ham board was taken by surprise, as we had no information until a month ago when he informed us that some of the investigations and allegations might appear in the media,” the club stated. West Ham has been relegated to the second tier for the first time since the 2011/12 season, but they have retained manager Nuno Espírito Santo, which should provide some stability amidst the reputational damage to the management. “Our goal is to stabilize West Ham United, retain as many of our key players as possible, and under the leadership of Nuno Espírito Santo, secure an immediate return to the Premier League,” read the second part of the club board's statement.