Two of West Ham's major shareholders have publicly addressed allegations against David Sullivan, following a deal that will make Daniel Kretinsky the club's largest shareholder. This move comes amidst a period of turmoil for the club, as it grapples with both internal issues and its recent relegation from the Premier League.
Kretinsky and Vanessa Gold expressed deep concern over allegations of sexually exploitative behaviour against Sullivan. These claims were brought to light by a joint investigation conducted by BBC Panorama and The Times.
Kretinsky and Vanessa Gold released statement:
"Our thoughts go out to those women who have fought so hard to make their voices heard. Any abuse of power is abhorrent, and it takes great courage and determination to speak up against it. As communicated by West Ham, the Board representatives of shareholders other than David Sullivan were only made aware this week of the safeguarding measures that have been in place since 2023."
"As shareholders and directors of West Ham, our focus is now firmly on protecting the future of this football club. As such, we have reached agreement on the key terms of a share purchase transaction between the Gold family and 1890 Holdings, which, subject to other shareholders' pre-emption rights and necessary approvals, would make 1890 Holdings (part of the broader group EP) the largest shareholder in West Ham with an approximately 43% stake.
"As the largest shareholder, group EP will be able to provide the additional financing the club needs."
Sullivan, who amassed his wealth through pornography, newspapers, and football, has categorically denied these accusations which span across his career. However, he has been prohibited from interacting with the club's women's and youth teams for three years due to safeguarding concerns.
The full board of West Ham United was reportedly unaware of these allegations until about a month ago. The complete details were only made public on Monday.
Kretinsky becomes largest shareholder
In light of this controversy, Kretinsky’s stake in West Ham will increase from 27% to 43%, surpassing Sullivan’s 38.8%. This shift in ownership comes at a critical time for the club as they strive to return to the Premier League after their first relegation since 2012. Kretinsky initially bought his stake in November 2021 while Gold is connected through her late father David who was Sullivan’s long-term business partner.
Despite facing significant challenges including financial losses amounting £104.2m in the year ending May 31st, 2025; Kretinsky and Gold are committed towards steering West Ham back into top-flight football at their earliest convenience. Their vision is supported by fellow shareholders Tripp Smith, Daniel Harris and Terry Brown. Manager Nuno Espirito Santo, despite failing to keep West Ham in the Premier League, has agreed to stay on and attempt promotion from the Championship - a feat he achieved with Wolves in 2018.
The immediate impact of this deal on Nuno's squad remains uncertain. It was expected that several key players would leave the club, including Portugal midfielder Mateus Fernandes who is garnering interest from Manchester United. However, they are reluctant to meet West Ham’s £80m asking price for him. Given Kretinsky's personal wealth - which includes a significant stake in supermarket chain Sainsbury's - he has the resources to invest into West Ham if necessary. Together with Gold, they are determined to return the club back into top-tier football at their earliest opportunity.
