Daniel Kretinsky completes purchase of 27% stake in West Ham
The Czech businessman Daniel Kretinsky has completed his purchase of a 27% stake in West Ham in a deal worth about £180m-£200m that makes him the second-largest shareholder.
Kretinsky, who co-owns Sparta Prague, and his colleague Pavel Horsky have been appointed to the board, joining among others the joint-chairmen David Sullivan and David Gold and vice-chair Karren Brady.
The deal has reduced Sullivan’s shareholding from 51.5% to 38.8%, Gold’s by 10% to 25.1% and Tripp Smith’s by 2% to 8%, with the number of shares in the hands of other investors falling from 3.4% to 1.1%.
Sources have continued to play down suggestions that the deal will automatically lead to Kretinsky buying out Sullivan and Gold.
Kretinsky, who watched West Ham’s win over Liverpool from the stands last Sunday, is a qualified lawyer and has a number of other investments, including stakes in Royal Mail, Sainsbury’s and France’s Le Monde newspaper. “I am delighted this detailed process has now been successfully concluded,” he said. “I am passionate about football. I greatly appreciate and respect the exceptional history and tradition of West Ham United as well as its loyal and passionate supporter base and also the highly inspiring role it plays in many social programmes and initiatives.”
West Ham have rejected two bids in the past 12 months from PAI Capital, a private equity firm headed by Nasib Piriyev. Brady, welcoming Kretinsky to the club, said: “We are always looking to continue to progress and Daniel’s involvement brings investment which strengthens the club’s position and in turn will assist in the development of the club’s key areas of focus.
“David Sullivan and David Gold have always been very open about finding the right investors to join them on the journey as custodians of West Ham United and Daniel’s strong business acumen and football experience will be of huge benefit to the club. We very much look forward to working with him and Pavel.”