By Kris Gonzo | Senior West Ham Columnist (Follow on X)
In case you were wondering what the hell is going on with West Ham’s ownership situation at the moment, you won’t be alone.
As far as I can see, we have two wealthy groups battling for control of the club, neither of whom appear to be in a position to take full ownership right now.
Daniel Křetínský is worth well in excess of £10 billion, while Amanda Staveley and PCP Capital Partners have equally wealthy backing. In many respects, what we’re witnessing is a battle of the billionaires.
Ordinarily, that would be no bad thing for a football club.
Unfortunately, the timing couldn’t be much worse with the Championship season about to get underway.
Two very different end games
In layman’s terms, I believe Daniel Křetínský wants to control West Ham without crossing the 50% ownership threshold. Doing so would trigger the need to buy David Sullivan’s 38% shareholding at what has long been described as a Premier League valuation.
That’s something he appears reluctant to do.
Instead, the Czech billionaire seems keen to secure effective control with around 49% of the shares.
Amanda Staveley, however, appears to have very different ambitions.
As I suggested earlier this week, PCP Capital Partners don’t appear to be tied to the same constraints.
My belief is that Staveley would ideally like to acquire Vanessa Gold’s shareholding before eventually agreeing a deal for David Sullivan’s stake at a more realistic valuation, giving her consortium full control of West Ham.
Meanwhile, Křetínský’s latest proposal to sell part of his own holding to business associate Jakub Havrlant before acquiring the Gold family’s shares looks very much like an attempt to shut the door on Staveley’s move.
Whether it succeeds remains to be seen.
Kretinsky is looking to block Staveley’s move for control of West Ham
Football must not become secondary
At the moment, PCP Capital Partners look highly motivated to own West Ham.
By contrast, Křetínský’s latest moves give the impression of somebody acting because circumstances have forced his hand rather than because everything is going according to plan.
The club have sought to reassure supporters, with senior sources telling Claret & Hugh directly that none of the boardroom developments will affect preparations for the Championship season or the club’s transfer activity.
Indeed, that message appears to have been backed up by West Ham’s recent pursuit of Arne Engels and Wilson Isidor, despite the ongoing ownership uncertainty.
Even so, it’s difficult to ignore the fact that West Ham have now sold players for well over £160 million while yet to bring anybody through the door.
As I’ve written previously, it’s becoming increasingly difficult to argue that the ownership situation isn’t having some influence on events.
At the moment, we have two parties battling for control of West Ham, plenty of boardroom manoeuvring and very little happening where supporters really want to see it—on the football pitch.
I suspect this saga has a fair way to run.
Daniel Kretinsky is presiding over a sh*t show of his own making. He’s nothing like David Sullivan but he sure seems just as capable as doing as much damage to West Ham United in his own way.
Hey Gonzo, it’s actually really interesting to see how this all plays out. Just posted on a Martin article with my thoughts but whether that sees the light of day who knows.
Whilst interesting to watch it is really worrying the impact all this has on the squad, for example the untouchables who perhaps had an agreements with Kretinsky and whether that makes them think again about staying.
I have to say, putting this all to one side I have been unimpressed (as an outside of the camp view) of Nils Koppen.
Fact is the ownership is what it is right now, he’ll have been given instructions from them/the accountants etc in terms of what needs to happen outgoing wise before we can purchase. I would also guess he’s been told if you get £x amount in then you’ve got £y amount to spend.
So putting the ownership to one side the interesting question is whether Nils and Nuno are on the same page with incoming players as right now that seems all over the shop.
I am reallly hoping all this is top secret and deals are close, but once again we’ve left zero time for players to integrate which is very much the WH way.