Křetínský gets help from billionaire Havrlant in West Ham bid

The third-richest Czech, Daniel Křetínský, continues his fight for control of the English football club West Ham United. To get around formal limits on increasing his stake, he has enlisted the help of another Czech billionaire — Jakub Havrlant — by selling him about 2% of the club's shares.

Křetínský became a West Ham shareholder back in 2021, acquiring 27% of the club, and has been aiming to become its largest co-owner ever since. Up for sale is the quarter-stake of the late David Gold — under a June agreement, it was the Czech businessman who was due to buy it. However, Gold's daughter, Vanessa, has agreed to sell the entire stake to a consortium led by Amanda Staveley, who was previously a co-owner of football club Newcastle.

According to the British newspaper The Times, Křetínský is trying to turn the £150 million deal to his advantage. The issue is that the club's existing shareholders hold a right of first refusal to buy at the same price before the deal can be finalized.

That is precisely why Křetínský sold about 2% of his stake to Havrlant: the move will let the businessman buy out the Golds' quarter-stake without exceeding 50% of the club's ownership structure. Had he crossed that threshold, he would also have had to buy out, at an inflated price, the 38.8% stake belonging to David Sullivan.

“I believe I'm investing in the club at the right time, since it represents an attractive opportunity with significant long-term potential. I'm confident that with the right strategy and support, the club can realize its potential both on the pitch and off it,” Havrlant said. He also added that he is ready to increase his stake in the future to support the club's long-term development.

This is not the first time Křetínský and Havrlant have been business partners. The best-known example of their cooperation is a deal worth around 25 billion crowns, when Poland's Allegro bought Mall Group and WE|DO from the structures of Křetínský's PPF and EC Investments and Havrlant's Rockaway Capital five years ago.

Who ultimately ends up with the Gold family's shares will be decided by the pre-emption procedure, which, according to the club, will take about two months and run in two stages. First, existing shareholders have 30 days to buy a portion of the stake proportional to their current holding, and then participants in the first round can acquire whatever remains of the package.

Křetínský's push has also been spurred by a scandal surrounding another West Ham co-owner, David Sullivan. The 77-year-old British billionaire, who previously worked in the pornography and media industries, is accused of abusing his position and coercing young women into sex.

The case could have real consequences for the club: England has an independent football regulator that is legally empowered to force a club owner to sell their shares if they are found “unsuitable” over integrity and propriety concerns — a category that includes accusations of sexual misconduct. Sullivan denies the allegations but has stepped down from leadership positions at the club under pressure from critics, while remaining its largest shareholder. West Ham United, where Czech midfielder Tomáš Souček plays, was relegated from the Premier League last season and will now play in England's second-tier division.

By the Around Prague newsroom