A Czech billionaire is reportedly set to purchase a large stake in West Ham United with a view to taking full control at a later date.
Sky News reported on Thursday that Daniel Kretinsky, whose net worth is estimated to be £2.9bn, could complete the purchase of a 27 per cent stake as soon as next week.
A clause in the deal could later see this rise to a majority shareholding, Sky said.
David Sullivan and David Gold currently hold shares of 51 per cent and 35 per cent of the club respectively, meaning that Kretinsky’s arrival would shake up the club’s ownership structure significantly.
American investor Albert “Tripp” Smith is the third shareholder in the club, owning 10 per cent.
Who is Daniel Kretinsky?
Kretinsky, 46, is a billionaire businessman from the Czech Republic who has major shareholdings in a variety of large companies.
He is the CEO of EPH, central Europe’s largest energy group, and owns stakes in French newspaper Le Monde, German retail giant Metro AG and American department store Macy’s.
In the UK, he is the largest shareholder in Royal Mail and the second-largest in Sainsbury’s.
Since 2004, he has also been the chairman of Czech top-flight side Sparta Prague, the rivals of Slavia Prague – from whom West Ham signed Czech internationals Vladimir Coufal and Tomas Soucek last year.
What stage is the takeover at?
The takeover is supposedly at an advanced stage and could be complete as soon as the first weekend of November when West Ham host Liverpool.
The deal would initially see Kretinsky take a 27 per cent stake, with Sky reporting that it would also include an option for him to take a majority stake at an unspecified later date.
Conversely, football.london report that there would be no such clause and further negotiations would be required for any full takeover, confirming little other more than the fact that details at this stage remain murky.
What does this mean for Gold and Sullivan?
The specific impact of the takeover on Gold, Sullivan and Smith’s stakes in the club is as yet unclear.
They have faced intense criticism – and even active resistance – from supporters at various points during their time in charge.
What is clear is that there has been a shift in their attitudes towards external investment in the club.
Two approaches from an American consortium were rebuffed in the summer of 2020, while a £400m bid from PAI Capital was dismissed as “derisory” by Sullivan in July.
“They never produced any proof of funds,” Sullivan told The Athletic when asked about the PAI bid.
“[They] had zero interest in the football side and saw it as a property move. It was a property not a football deal to them.”
By comparison, it seems that Kretinsky’s 17-year stint in charge of Slavia Prague has proved his footballing credentials and may have tipped the balance in his favour.
from Football – inews.co.uk https://ift.tt/3Br7l1a
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