Czech billionaire Kretinsky to become largest shareholder in West Ham United

[p]Club representatives announced the news at a time when the London side have suffered relegation to the second tier and a serious scandal involving the current main co-owner, David Sullivan.[/p][p]The agreement, the details of which are currently being finalised by both parties, will significantly reshape the power structure at the London club. [/p][p][b]Kretinsky’s stake will rise from the current 27 per cent to approximately 43 per cent, while the influence of the late David Gold’s family, now represented by his daughter Vanessa, will drop from 25.1 per cent to just over nine per cent.[/b][/p][p]The club’s current leading figure, Sullivan, who holds 38.8 per cent of the shares, will thus move to the position of second-largest shareholder. In addition, Kretinsky and Gold have agreed to vote together on key issues.[/p][p][a href="https://www.flashscore.ca/team/west-ham/Cxq57r8g/"]West Ham[/a] are currently not in an ideal financial position. In the 2024/25 season, they posted a loss of £104 million, and following their relegation from the Premier League, their revenues will fall even further. The EP Group is therefore ready to provide the necessary additional funding.[/p][p][b]"Our priority now is to firmly safeguard the future of this football club,"[/b] Kretinsky and Gold said in a joint statement.[/p][p][b]"The aim is to stabilise West Ham, retain as many key players as possible, and secure an immediate return to the Premier League under the management of Nuno Espírito Santo,"[/b] they added.[/p][embed guid="22ad70b2-1cc1-4542-a5cc-7f0b6dcb3401" url="https://x.com/TheAthleticFC/status/2065763582311067828?s=20" social-type="twitter" /][p]The agreement was announced at an exceptionally turbulent time. Seventy-seven-year-old Sullivan is facing allegations of sexually exploitative and predatory behaviour, brought forward by seven women.[/p][p]The former businessman from the adult industry, who became a shareholder in the club in 2010, has strongly denied all accusations, stating that these are matters dating back decades.[/p][p][b]"After a lifetime building businesses in the adult industry, where I have met thousands of women, it is unfortunately inevitable that a small number of allegations of inappropriate behaviour will be made against me. I categorically deny these claims,"[/b] Sullivan declared, resigning from his positions in order to clear his name.[/p][p]The new management is distancing itself from his case and is focusing solely on saving the brand.[/p][p][b]"These revelations have deeply disturbed us, and our thoughts are with the women who fought so hard to have their voices heard. Any abuse of power is abhorrent, and standing up to it requires great courage,"[/b] Kretinsky and Gold stated.[/p][p]The club’s board only recently learned the details of the allegations against Sullivan from the press.[/p]