Křetínský Won't Become Majority Shareholder of West Ham — Deal With Gold Falls Through

Daniel Křetínský, owner of Prague's Sparta and co-owner of London's West Ham United, will not be increasing his stake in the English club as previously planned. Karen Gold, with whom he had shared the role of club co-chairman, has announced that the agreement to sell him an additional 16% stake has fallen through.

Křetínský currently holds 27% of West Ham's shares. In mid-June, the club announced that the businessman would buy a further 16% from Gold, which would have made him the largest shareholder with a 43% stake — the deal was expected to close within a few weeks. However, according to Gold, "the original agreement, along with other options discussed, unfortunately could not be realised."

The planned strengthening of Křetínský's position came in response to a scandal surrounding another West Ham co-owner, 77-year-old British billionaire David Sullivan, who holds more than 38% of the club's shares. The former adult publishing magnate and newspaper owner has faced allegations of abusing his position and coercing young women into sex, and stepped down from his executive roles at the club in June while remaining its largest shareholder. West Ham, who were relegated from the Premier League last season, count Czech midfielder Tomáš Souček among their players.

Gold has now announced an agreement to sell her family's stake to a consortium led by PCP Capital Partners, headed by Amanda Staveley and Mehrdad Ghodoussi, together with Ashland Forest Capital Partners. According to her, the deal has not yet closed and remains subject to a pre-emption right, under which existing shareholders can buy back the stake first.

Speaking to British media, Křetínský did not rule out still fighting for a larger stake in the club. "The agreement reached with the Gold family in June gave the club stability at a crucial moment. Today's announcement is the exact opposite. We will always act in the interests of West Ham United and are considering all options, including making full use of our pre-emption rights," said the businessman, who has co-owned the club since November 2021 through his company 1890s Holdings.

According to the club, the pre-emption process will take around two months and will not affect West Ham's day-to-day operations. Staveley and her firm PCP Capital Partners previously played a key role in the 2021 takeover of Newcastle United by Saudi Arabia's sovereign wealth fund, PIF. "The consortium has deep experience and understands what it takes to successfully run a football club, and I have complete confidence in what they can bring to West Ham," Gold said.

Around Prague, based on reporting by sport.cz