Daniel Kretinsky will become West Ham’s largest shareholder in the wake of David Sullivan’s resignation.
Sullivan stepped down from his role as chairman after 16 years at the east London club.
A joint investigation by the BBC and The Times says seven women have come forward, accusing him of abusing his power and sexually-exploitative behaviour.
Ex-adult industry kingpin Sullivan has categorically denied the claims that made against him.
The former adult industry businessman owns 38.8 per cent of West Ham.
Czech billionaire and Sparta Prague president Kretinsky initially had 27 per cent of the club.
These shares at the Premier League club were acquired in November 2021.
Amid Sullivan’s relinquishing of the chairman role, Kretinsky has agreed a deal with the family of David Gold to sell an additional stake in the club.
Kretinsky’s stake will rise from 27 per cent to 43 per cent, exceeding Sullivan’s amount.
Joint statement
A joint statement from Vanessa Gold and Daniel Kretínsky, representing the Gold family and 1890 Holdings, read: “We were deeply concerned by the revelations made by The Times and Panorama this week and 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..
“The full West Ham United Board was not notified about these allegations against David Sullivan until approximately a month ago, when he informed us that certain allegations against him may be published.
“However, the full details of the allegations, which Mr Sullivan denies, only became apparent when they were made public on Monday (8 June). In addition, as communicated by West Ham United, the Board representatives of Shareholders other than Mr Sullvan were only made aware this week of the safeguarding measures that have been in place since 2023.
“As Shareholders and Directors of West Ham, our focus is now firmly on protecting the future of this Football Club. 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. We are also committed to engaging with our fans and all business partners to build a stronger future for our Club. We have already taken concrete steps toward this goal.
“As such, we have reached agreement on the key terms of a share purchase transaction between the Gold family and 1890 Holdings, which, subject to other Shareholders’ pre-emption rights and necessary approvals, would make 1890 Holdings (part of the broader group EP) the largest Shareholder in West Ham with an approximately 43 per cent stake. As the largest Shareholder, group EP will be able to provide the additional financing the Club needs.
“We expect to finalise this transaction in the next couple of weeks. Once the agreement is complete, group EP and the Gold family have also agreed to vote jointly on key matters and to support the strategy targeting an immediate return to the Premier League.
“Alongside Daniel Křetínský and Vanessa Gold, the other Shareholders, namely Tripp Smith, Daniel Harris and Terry Brown, are fully aligned on this strategy and stabilising the Club.
“We are taking these steps because West Ham United needs to be truly united at this moment in its history. We believe that a strong coalition – of fans, players, management and the Board – is essential to securing the bright future this Club deserves. We are absolutely committed to playing our part.”
All change at West Ham
West Ham look set to embark on a new era of ownership after their relegation from the Premier League to the Championship.
The Hammers finished 18th and two points behind rivals Tottenham Hotspur on the final day, despite beating Leeds United 3-0.
Nuno Espirito Santo was widely expected to leave as head coach, but West Ham confirmed that he will stay at the London Stadium.
talkSPORT understands Kretinsky pushed for Espirito Santo to stay, whilst Sullivan was more inclined to make a change.
Could Kretinsky complete a takeover at West Ham?
Speaking on the possible ownership change at West Ham, journalist Henry Winter told talkSPORT that Kretinsky would be backed by fans.
He said: “Whether Daniel Kretinsky decides now is the time for a full takeover…
“I know from talking to West Ham fans, fairly significant, high-profile West Ham fans, have been talking to Kretinsky about supporting him if he was going to make a push for a full takeover which, clearly, they would like.
“He’s a wealthy individual and he’s not tainted as some of the fans see David Sullivan, in terms of his running of the club.”
West Ham have accumulated debts of over £104million, which means they look set to cash in on star talent this summer.
This could include the sale of captain Jarrod Bowen, as well as Arsenal and Manchester United target Matheus Fernandes.
David Sullivan statement in full
Sullivan posted a full statement on the West Ham website following the announcement he would step down.
The statement read: “I have recently become aware that factually incorrect and entirely false, decades-old allegations concerning my personal life are due to be broadcast and published.
“The false allegations levelled against me have been sensationalised by the media. After a lifetime spent building businesses in the adult industry in which I have met thousands of women, it is sadly inevitable that a small number of improper conduct claims are being made against me. I categorically deny these claims.
“I am a private man, and those who personally and professionally know the real David Sullivan, not the caricature invented by the tabloids, know exactly who I am and what I stand for. I am absolutely not the person the media has decided to paint me as.
“I have not been provided with any proper explanation as to how these individuals or their claims were independently verified or assessed for credibility prior to publication. I believe that the entire process has been fundamentally unfair and completely lacking in any due impartiality. I will be suing the BBC for libel, along with any other media outlet that repeats any libelous allegations.
“None of these allegations relate to my more than 30 years in football; West Ham United has been one of the greatest passions and privileges of my life. I care deeply about the club, its supporters, its players, its staff, and its future. At what is already a challenging and important time for the club, I refuse to allow personal matters concerning me to become an unnecessary distraction or a source of instability.
“Therefore, after very careful consideration and with a heavy heart, I have decided to resign as Joint-Chair and Director of West Ham United FC with immediate effect.
“This has been an incredibly painful decision to make, but it is one made out of love, respect, and responsibility toward a football club and a fan base that deserve absolute unity and focus moving forward.
“I am stepping down to apply my full energy and attention on fighting these false allegations. I have officially engaged my legal team and we are preparing to issue legal proceedings in respect of each and every false complaint that has been made against me. I will be seeking full redress, legally and publicly, on every single front.
“As I depart, I want to thank everyone connected with West Ham United, past and present, for the loyalty, friendship, memories and European adventures and successes that I will carry with me forever. West Ham United will always remain close to my heart, and I have total confidence that the Board of Directors and interim Chief Executive Officer Karim Virani will do everything they can to take the club forward in the right direction. I wish everyone connected with the club every success in the future.
“I will not be making further public comment at this stage, but I reserve all legal rights available to me in relation to any false or defamatory allegations.”