Kretinsky raises his West Ham stake to 43% following Sullivan resignation

Czech businessman Daniel Kretinsky speaks at a conference in Prague, Czech Republic, Oct 17, 2023. REUTERS

Czech billionaire Daniel Kretinsky on Saturday increased his stake in West Ham United to around 43%, becoming the club's largest shareholder, following the resignation of co-chairman David Sullivan amid allegations of misconduct.

1890 Holdings, which is part of Kretinsky's EP Group, raised its stake from 27 percent, which it first acquired in November 2021, after striking a deal with West Ham's joint-chair Vanessa Gold. The transaction is expected to be finalised in the next couple of weeks.

Sullivan resigned with immediate effect last week after the BBC, through its investigative documentary series BBC Panorama, and the Times newspaper published a joint investigation into his behaviour, accusing him "of sexually exploitative and predatory behaviour" towards women "going back decades". Sullivan has denied the allegations.

Kretinsky and Gold said in a joint statement published by the club that they were "deeply concerned" by the revelations from the investigation done by the Times and Panorama. "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," the club said.

The ownership shake-up comes at a turbulent moment for the east London club, which was relegated from the Premier League on the final day of last season, and will play in the second-tier Championship for the first time since the 2011-12 season. West Ham has retained manager Nuno Espirito Santo despite the drop.

"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", the statement read.