West Ham have announced that a Czech investment group, led by the billionaire Daniel Kretinsky, has acquired a 27 per cent share of the club.
Kretinsky, the chairman of the 1890s holdings a.s group and whose net worth is estimated to be £2.9bn, will join the club’s board of directors alongside his colleague Pavel Horsky. A clause in the deal could later see this rise to a majority shareholding, as reported by Sky News last week.
A club statement on Wednesday said that the agreement would help to reduce the club’s “long-term debt” and “direct funds into other key areas of focus”. The Hammers are currently riding high in the Premier League table with Sunday’s 3-2 win over Liverpool lifting them into third position.
Prior to Kretinsky’s investment, West Ham’s majority owners David Sullivan and David Gold held shares of 51 per cent and 35 per cent of the club respectively. Kretinsky’s arrival, therefore, has shaken up the club’s ownership structure significantly.
“I am delighted this detailed process has now been successfully concluded,” Kretinsky 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.
“The development and growth of the Club in recent years has been clear for everyone to see and I am delighted to be part of what I believe is a very exciting future ahead.
“Having been to the London Stadium recently to watch David Moyes’ team, I know it is an incredible time to become part of the West Ham United family. I feel privileged to now have the opportunity to help everyone here build on the proud traditions of this great Club.”
West Ham’s vice-chairman Karen Brady added: “On behalf of the board I am very pleased to welcome Daniel Kretinsky, Pavel Horsky and 1890s holdings a.s to West Ham United. 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.”
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 and Foot Locker.
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 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 has tipped the balance in his favour.
from Football – inews.co.uk https://ift.tt/3Br7l1a
Post a Comment