West Ham’s latest ownership saga does appear to be over – for now at least. Daniel Křetínský is set to become West Ham’s largest shareholder after agreeing a deal to increase his stake in the club from 27% to 46%. The move effectively ends Amanda Staveley’s latest attempt to acquire the Gold family’s 25.1% holding, with Křetínský instead reaching an agreement with existing shareholders to increase his position.
David Sullivan’s stake will also rise to around 40%, while Vanessa Gold will retain a minority shareholding. Křetínský is expected to take a more active role in decision-making at West Ham, but crucially his position is set to be ‘dominant’ rather than a ‘majority’. The transactions are yet to be completed, but the direction of travel is clear.
Only a few weeks ago Staveley appeared close to becoming an investor, having agreed to acquire the Gold family stake, only to be blocked by existing shareholders exercising their pre-emption rights. Křetínský now emerges with considerably more influence, but the final ownership structure raises another question: is the ownership battle really over?
West Ham’s London Stadium (Photo by Sustain Health Magazine Wiki CC)
For context, Křetínský isn’t a new investor. He first bought into West Ham back in 2021 and has now increased his position to become the club’s largest shareholder. His initial message was notably focused on responsibility and stability rather than making any grand promises. He described the opportunity to become West Ham’s largest shareholder as an honour, acknowledged the responsibility that comes with it and stressed the importance of providing the club with certainty at a critical time.
That emphasis on certainty is understandable. West Ham have just suffered relegation after 13 consecutive seasons in the Premier League, while the club has spent months dealing with uncertainty around both its ownership and direction. Křetínský’s increased involvement should at least provide greater clarity over who has the most influence.
But the numbers themselves suggest that this may not be the final chapter.
Who is West Ham’s new largest shareholder?
Daniel Křetínský is a Czech billionaire who made his fortune in the energy sector. A former lawyer, he has since built a remarkably diverse investment portfolio spanning energy, retail, media and logistics. He is also the owner of Royal Mail and has been involved with Czech football club Sparta Prague since 2004.
A lot has clearly changed since his initial investment in 2021, not least the fact that West Ham are now playing in the Championship after more than a decade in the Premier League. This ownership battle has also come at precisely the moment when the club’s financial and sporting trajectory has gone backwards.
For Křetínský, that creates an interesting opportunity. He is increasing his stake at a time when West Ham’s value is likely to be lower than it would have been had the club remained in the Premier League, while taking a position that could become considerably more valuable if the club returns to the top flight.
There is, however, one important detail that shouldn’t be overlooked: Křetínský still won’t own a majority of West Ham.
His 46% stake would make him the largest individual shareholder, but David Sullivan is expected to hold around 40%. Tripp Smith will reportedly hold around 11%, with the remaining shares split between smaller shareholders. Křetínský therefore emerges as the most powerful individual shareholder, but not as an outright owner.
That leaves an obvious unanswered question over the club’s long-term ownership.
If Křetínský ultimately wants complete control, the next obvious target would be Sullivan’s stake. Equally, if Sullivan has no intention of selling, West Ham could instead enter a new era in which two shareholders hold almost the entire club between them. This is hardly an ideal outcome for the club or its supporters, with the risk of gridlocked decision-making at boardroom level likely to remain.
Neither outcome is currently confirmed. But the fact that Křetínský has moved from 27% to 46% makes it difficult to view the latest transaction as the end of West Ham’s ownership story.
And Staveley’s interest may not necessarily have disappeared either. Her original route into the club through the Gold family has been blocked, but reports suggest those close to PCP Capital Partners do not necessarily regard the latest development as the end of their ambitions. With Křetínský owning 46% and Sullivan around 40%, there remains a sizeable block of shares outside Křetínský’s control.
That doesn’t mean Staveley will ultimately return, nor that Křetínský will seek Sullivan’s shares. But it does mean the fundamental question surrounding West Ham has changed rather than disappeared. For all the apparent clarity, the battle for control of West Ham may be far from over.
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