By Kris Gonzo | Senior West Ham Columnist (Follow on X)
The warning from The Times was a sobering one:
“The situation could become complicated if Sullivan now tries to exercise what he will regard as his pre-emptive rights to buy some Gold shares and increase his own 38.8 per cent stake to match Kretinsky’s share.
“Essentially, he could block Kretinsky’s bid for power.”
Like every other West Ham fan, I was more than a little concerned to read that Sullivan may have a route to blocking Daniel Kretinsky’s efforts to take control of the football club.
But surely he wouldn’t, would he?
Would David Sullivan really play the role of football’s Grinch and stop what looks like being West Ham’s best opportunity for progress in recent history?
Why Would Sullivan Do It?
The obvious question is why.
After all, Sullivan is no longer wanted by the vast majority of supporters and, more importantly, he simply doesn’t possess the financial firepower to drive the club forward in the way Kretinsky can.
At this point, it’s not entirely clear what The Times were actually suggesting.
Was it simply a piece of speculation about what could happen?
Or was it a warning shot from Sullivan’s camp that he may yet seek to frustrate attempts to wrestle control of the club away from him?
A Rare Sense Of Optimism
For now, I’m trying not to take it too seriously.
The last few days have given many West Ham fans something we haven’t had for quite some time: optimism.
Kretinsky and those around him appear to be putting out encouraging messages regarding both the football side of the club and its finances.
There is a sense of momentum and possibility.
It’s the type of positivity Sullivan was never really capable of generating.
Had he still been running the club, we’d almost certainly be hearing about debt, financial pressures, the need to sell players before buying and all the familiar negativity which became synonymous with his ownership.
Don’t Become The Villain
Perhaps this is all part of a negotiation.
Perhaps it’s simply a way of ensuring he receives the best possible price for any remaining shares.
That would at least be understandable.
But if Sullivan genuinely attempted to block Kretinsky from taking control of West Ham, knowing full well he is no longer capable of running the football club himself, then it would be difficult to view it as anything other than an act of vindictiveness.
For years Sullivan has spoken about his love for West Ham.
If that is truly the case, then surely now is the moment to step aside and allow the club to embrace what many supporters believe could be a much brighter future.
I remain extremely sceptical about Kretinsky. I keep hearing about things he may do but they are not coming from him with an interview to camera.
I am also not impressed with the way he is attempting to take control. Why did he not buy all the Gold shares which I am sure they would be happy to sell. Why not make an offer to Sullivan to buy his shares.
As for Sully he is clearly finished as controller of West Ham but it clearly won’t be ideal to have him with a substantial share holding.
I appreciate everyone is delighted with the turn of events but I recall all the poor owners we have had and remain sceptical
I’m sure Kretinsky has a legal plan that makes Sullivan exercising his pre-emption rights really difficult.
Also be getting out the message Gold and he are aligned it just makes it embarrassing for Sullivan to try and go against it.
Then the timing, how do you get hold of the money to buy them in the short time window he has.
Gonzo the last few lines of your blog says it all really. If he really loves the club let the club go. I’m sure he would be welcome to come and watch home games in that situation. Take the option of blocking the deal he would probably need a police escort in and out of the club. The decision would be stupid but a very easy way to get himself hated much more than he already is.
After the joint statement by Kretinsky, Vanessa Gold and the rest of the board, it’s hard to see how the Gold ‘s or anyone else would now sell shares to Sullivan
Trying to get my head around the banning of Sullivan as to not going anywhere near our Ladies team and youth teams.
Who signed off on this matter and exactly what happened you would think this is enough to sink Sullivan especially if he agreed with the ban ?
I’m guessing Brady was informed having now instructed top lawyers to avoid questions that would’ve came her way had she remained in her role.
The more controlling interest Kretinsky has the more Sullivan’s holding loose value. That might encourage him to enforce his rights to purchase the Gold shares. The counter to that might well be Kretinsky calling for a cash injection into the club further pressurizing Sullivan. Kretinsky probably has a very good idea of Sullivan’s liquidity. Sullivan may be rich but much of his money is tied up in commercial property which is hardly liquid. Sullivan could borrow against his property portfolio but there won’t be a rush of banks to do that and if funding was arranged it might not be cheap. My guess is that Sullivan will play this to get Kretinsky to buy his shares at the highest price he can. With the sale of the Gold shares a price level has been set.
Can’t help wondering how much Kretinsky knew about Sullivans past history when he became involved with West Ham. Wonder whether he had any inkling.
It’s been well known for a long time that Sullivan had first option on Gold’s shares, so my initial thoughts were the same. However, the fact that Gold and tripp-Smith are now going to vote with Kretinsky spells the end for Sullivan regardless.
If Sullivan insists on his first option, Gold can just refuse to sell the shares at all right now, although Kretinsky may have to help finance her in the meantime. Sullivan might be blocked by IFR anyway, even if he could raise the funds.
To put out that statement on the club website is HUGE and highlights the power and control have already shifted. A combination of relegation and the Panorama expose seems to have led to a united stance between Kretinsky, Gold and Tripp-Smith, and we can be sure they have already considered all options before they made their final and killing blow at the weekend.
Well there’s three things that weaken Sullivan in obstructing the progress.
Firstly credibility, and West ham sponsors etc.
Secondly he doesn’t have financial liquidity like DK.
Thirdly he basically oversaw a huge 100 million loss and relegation of the team.
With Kretinsky buying shares and investing in the team, diluting shares and giving him a greater share – it’s the beginning of the end of Sullivan.
Good riddance!
I do think Brady needs to be called out, and some accountability too.
She kept it secret from supporters and the board – that Sullivan had been banned from youth and women’s teams based on safeguarding risks.
As a co-chair I believe that to be highly dubious, and unprofessional.
She then claimed in the news that she operated with Sullivan “on the principle of presumption of innocence” and telling fan groups “no investigation involving West Ham United”
Knowing that the FA had deemed him a risk.
Anyhow the clean up has begun. COYI.
I’d like to think that Vanessa Gold has scruples and wouldn’t sell any shares to Sullivan.Especially since the Panorama programme was broadcast..
I’m more concerned about who Sullivan sells his shares to as it didn’t work out well when he sold to the Chinese at Birmingham.
Would VG want to risk the media backlash by selling to Sullivan? The joint statement made recently suggests this won’t happen.
With Sullivan’s shares at 38% he doesn’t really matter who he sells to now in truth. That’s as long as Gold, Kretinsky and Tripp-Smith continue to vote together as a new buyer will be in the minority.
True. We need the 3 of them to stay all focused and together. If Tripp sold to Sully we’d have a problem.
Hopefully once the FA have completed their investigation Sullivan will be forced to sell his club shares. I also am if the belief whoever has the shares does not have to sell them to Sullivan.
Surely Gold has the right to refuse to sell any of her remaining shares to Sullivan, especially after the United front that came out the other day between Kretinsky and herself about voting on all matters as a collective. Also being as Sullivan is driven purely by pocketing as much as he can from the club he will just sit on his shares until K&G get us back into the Premier League as the shares will increase in value.
From what I know, people can refuse to sell their shares to any person or entity, even if the asking share price is met, or even exceeded.
From any statements made and the clear collaboration between the Gold family and DK, DS buying Gold share does not seem like a guaranteed way to stymie DK.
Which is a relief. Not an expert, unaware if there are other ways for DS to act.
He is egotistical so it’s a possibility.
A bruised ego is one thing, extra scrutiny and the possibility of the IFR removing him as an owner however could prevent this.
With DK as the majority shareholder surely this benefits Sullivan in the long term? I don’t think the IFR can decide who invests in a club / just who is the key decision maker.
Why sell up or be the main man again when his share value will increase considerably if we return to the Prem.
Think he will keep his shares until he can max out his exit. Sullivan could be at the club for a lot longer than ideally we’d like.
If he has no say in the club structure, recruitment of managers and players or the financing then fans will have some level of comfort.
As a side issue to this, I notice now stories from the press seem to be mostly from The Times, as opposed to our previous tabloid connections at The Sun and Mirror. Hopefully our team will be run in a manner which reflects this change of class!
Sullivan has had 16 years at West Ham,probably 10 too many as far as the fans are concerned.He resigned because of his sordid dealings in the past and not because of the state of our great club,which,along with Brady has created this mess we are in.Maybe his pride is hurt,if he has one,maybe he feels he should not have resigned,maybe because he failed in this business,but I,for one, would not put it passed him to try and screw West Ham again,by not letting Kretinsky take over and run the club properly.
I put nothing passed what Sullivan may do But if he has an ounce of care for W Ham prove it now and sell his shares He would be more thought of doing the right thing at this time
I’m not at all convinced that Kretinsky would be some sort of saviour, owners rarely turn out to be wonderful.
But I am convinced that Sullivan is a busted flush with no way back so far as fans are concerned.
Kretinsky is a smart businessman and sees vast opportunities to make money from the football, the ground and the land it sits on and surrounding areas.