Fateful changes at West Ham: Kretinsky becomes a major shareholder

There has been a veritable management earthquake at the West Ham club. The club's two major shareholders have openly opposed David Sullivan after reaching a strategic agreement that would see Daniel Kretinsky become a major shareholder. Kretinsky said he was "deeply concerned" following allegations of sexual harassment made against Sullivan in a joint BBC-Times investigation.

Under the new agreement, Kretinsky's stake in the club will increase from 27% to 43%, which will exceed Sullivan's 38.8% ownership. “Our thoughts are with those women who have fought to have their voices heard,” Kretinsky said in a statement, adding that “any abuse of power is absurd and takes great courage and determination to speak out.”

Sullivan, 67, for his part, “categorically” denies the allegations. “The entire West Ham United board was not informed of these allegations against Sullivan until about a month ago,” he said, adding that he did not know all the details of the case until they were published on Monday. To make matters worse, Sullivan has been banned from interacting with the women's team and junior ranks for the past three years for security reasons.

Kretinsky said that "shareholder representatives other than David Sullivan were informed only this week of the protections in place starting in 2023." The club have just been relegated from the Premier League for the first time since 2012. "As shareholders and administrators of West Ham, our goal is now firmly focused on protecting the future of this football club. That is why we have reached agreement on the key terms of the transaction to acquire shares from the Gold family and 1890 Holdings. This transaction, subject to the rights of pre-buyout of other shareholders and the necessary approvals, will make 1890 Holdings (part of the wider EP Group) the largest shareholder of West Ham with a stake of approximately 43%. As a major shareholder, the EP Group will be able to provide the additional funding required club.