Speculation amongst supporters and media is rife over the Sullivan – Kretinsky – Gold shareholding triangle at West Ham United. Just seven days since Sullivan’s shock resignation and the football world watches on for some sign from West Ham’s beleaguered boardroom of a shift in the current power vacuum.
Speaking on his renown podcast ‘The Football Boardroom‘, expert Christian Purslow outlines Kretinsky’s most likely behind-the-scenes power grab tactic, quite possibly in progress at present.
Purslow has run three of the biggest clubs in the country: Chief Executive Officer at Liverpool and Aston Villa and managing director at Chelsea. Which means he speaks with the expertise of one who has been privy to many such behind-the-scenes boardroom battles.
In the section “How Kretinsky could take control”, Purslow suggests that the Sullivan shares are not the target of the Czech Sphinx.
“What’s the quickest way to get control? Im not sure that’s [buying Sullivan’s shares] a logical conclusion. There’s nothing to suggest [Sullivan] is going to be pressured to sell.
The easiest way for Kretinsky to get full control of the football club would be for him to buy out the Gold family shareholding in full. That would take him to about 52%. At that point he would be in control of the club, there would be no decisions that could be really blocked.
Most importantly if he wanted to put money into the club, not to buy shares from another shareholder, but to actually improve the finances of the club, he could do so [at that point] and that would dilute David Sullivan’s shareholding over time.
I’ve seen that device used by many investors to gradually take full control of the club.”
And importantly that would evolve with, or without, Sullivan’s agreement.
What is evident is that behind the scenes, Kretinsky’s influence is already growing as key appointments are rumoured and existing key staff have had assurances of their own employment. Quite how long we have to wait for ‘white smoke’ from the West Ham boardroom chimney is another matter.
Time is not on West Ham’s side with a full squad rebuild required and preseason beginning on 6th July. The speed with which events have proceeded thus far would suggest that Vanessa Gold and Kretinsky are already acting in concert on these key decisions which could accelerate any permanent solution, hopefully being announced in weeks rather than months.