Shareholders Address Allegations and Ownership Changes
Two of West Ham United's principal shareholders have publicly responded to allegations against David Sullivan following an agreement that will elevate Daniel Kretinsky to the position of the club's largest shareholder.
Both Kretinsky and Vanessa Gold expressed their
"deep concern"after a joint investigation by BBC Panorama and The Times accused Sullivan of sexually exploitative and predatory conduct.
As part of the deal, Kretinsky's ownership stake in West Ham will increase from 27% to 43%, surpassing Sullivan's current 38.8% share.
Kretinsky and Gold stated in a joint release:
"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."
Sullivan, aged 77, has
"categorically" deniedthe allegations, which relate to a period when he amassed wealth through ventures in pornography, newspapers, and football.
Kretinsky and Gold noted that the
"full West Ham United Board was not notified about these allegations against Sullivan until approximately a month ago", and they only became fully aware of the details when the allegations were publicly disclosed on Monday.
Due to safeguarding concerns, Sullivan has been prohibited from contact with the club's women's and youth teams for the past three years.
Regarding this, Kretinsky and Gold added:
"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."
Club's Current Challenges and Future Focus
West Ham is managing the repercussions of the investigation while simultaneously striving for an immediate return to the Premier League after their first relegation since 2012.
In their capacity as shareholders and directors, Kretinsky and Gold emphasized their commitment to the club's future:
"As shareholders and directors of West Ham, our focus is now firmly on protecting the future of this football club."
They further revealed that an agreement has been reached regarding a share purchase transaction:
"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."
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