Kretinsky raises his stake in West Ham United
Czech billionaire Daniel Kretinsky has increased his stake in West Ham United to around 43 per cent, becoming the club's largest shareholder after the resignation of co-chairman David Sullivan amid allegations of misconduct.
The company 1890 Holdings, which is part of Kretinsky's EP Group, raised its stake from 27 per cent, 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.
The club released a joint statement in which Kretinsky and Gold expressed that they were "deeply concerned" by the revelations from the investigation.
"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 statement read.
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 EFL Championship for the first time since the 2011-2012 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 concluded.
