Amanda Staveley’s statement on Friday morning further signalled an intention to connect to West Ham fans, and send a signal to David Sullivan that her interest in the club is still very much live, even after failing to land Vanessa Gold’s shares.
Given her previous offer was for both Gold’s 25% holding and Sullivan’s shares, her actions confirmed at the very least her consortium has access to a minimum of £380m. Yet, to balance this out post the pre-emption rights, Daniel Kretinsky will have spent approximately £400m in total on acquiring shares at West Ham.
The key question on most supporters lips is quite simply “Where’s Staveley’s money coming from?”: And it’s a fair question. West Ham isn’t a cheap date and any serious involvement in the club demands long‑term financial muscle.
The mystery partner behind Staveley’s bid was revealed as Ashland Forest Capital Partners, a US‑based investment partnership led by Peter Bernick and Tom McCauley. They’re not Blackstone, KKR, Apollo, or any of the mega‑funds with billions ready to deploy, but they do have decades of experience raising capital and turning underperforming assets around.
According to the firm’s latest form ADV data file registered with the SEC (source: Radient Analytics) Ashland Forest manages one active fund with a total Gross Asset Value of $30m. As such this suggests they raise money per transaction, assembling capital from their network depending on the deal size.
That means Staveley’s bid was potentially backed by a consortium of wealthy players and not a single mega‑investor writing a large cheque. A network of wealthy investors assembled by Ashland Forest Capital Partners is not a giant private‑equity fund.
The other concern would be whether the monies are part of an LBO (Leveraged Buy Out) which is allowed in the Championship yet not in the Premier League.
This would be unlikely and highly impractical as SCR is affected – given LBO loads a club with debt and the high interest payments would cripple West Ham’s day to day revenue, leaving no money to spend on players without breaching the SCR Cap. There are also regulatory hurdles.
Would West Ham Be Loaded With Debt?
Supporters only have to look no further than Burnley’s US takeover which has reportedly left the club loaded with debt.
To allay any fears, Staveley would need to prove that she has the money, and this would have been the case regarding the previous offer to Vanessa Gold. Any purchase of West Ham shares requires proof of funds(POF) so Staveley’s consortium would need to demonstrate they have the capital available or committed.
This includes bank statements, investor commitment letters, escrow arrangements and legal confirmations from capital partners. Regulators will also require source‑of‑funds verification, anti‑money‑laundering checks and the relevant fit‑and‑proper ownership assessments.
Existing shareholders, notably Daniel Křetínský has the right to match any potential future offers made to David Sullivan. This is exactly what happened with Vanessa Gold’s shares where Křetínský exercised his rights along with other shareholders which effectively blocked Staveley’s purchase.
Set to be the largest shareholder, Kretinsky blocked Staveley’s bid to buy a majority shareholding
So even if Staveley had the money ready, she still needed shareholder approval and she didn’t get it. Staveley is a deal‑maker, not a billionaire. She assembles capital from partners rather than deploying her own wealth. Many fans and insiders remain unconvinced Staveley’s consortium has the long‑term financial firepower to compete.
Too many people are beguiled by her involvement in the Manchester City and Newcastle United takeovers, and I’m very wary of the assumption that the same blueprint can be replicated simply by buying out Sullivan’s stake if he even decides to sell.
For that reason, I’m pinning my hopes on Daniel Kretinsky as the key to moving the club forward. For those saying he’s not a footballing person, look no further than the developments at Sparta Prague. He has working capital and is proven in the business world. A layer of investors via Stavely doesn’t inspire confidence.
Sullivan will sell eventually; it will happen regardless of suggestions that he will keep his stake for his sons, yet under Křetínský as the lead share holder I feel more confident, and hope others are too. Remember Křetínský‘s silence isn’t necessarily a bad thing. Lions don’t need to roar, while those who shout seek attention, and those who stay quiet already have it!
Totally agree with the above. Personally I would prefer a European taking over rather than having Americans. We’ve seen more than enough when Americans are involved.
That´s a well reasoned article. When a consortium rather than one rich individual owns a majority you can get a Camel designed by the Committee when you had really wanted a Horse.
Additionally, a cash flow from utilities such as Kretinsky´s is stable unlike the volatility of the Icelandic Bankers years ago. In a Geopolitically uncertain time that´s a significant factor. Funds can dry up from sanctioned oligarchs, Gulf State sheiks, countries on the brink of a Trade War & AI entrepreneurs if that sector goes wrong.
Kretinsky has stepped up and overseen an effective rebuild and stopped Sullivan from sacking Nuno which could well have led to freefall. It would be good if he could show up to the occasional game, though. The optics also matter (as AS realises).
Finally, someone at C&H has done their homework. As Someone whose career was in Asset Management and Private Equity the red flags over this deal were easily apparent. Unfortunately for others it was easy to be seduced by the hype.
Kretinsky will a good leader for the club and the last 30 years of Sparta Prague illustrate this.
I meant 20 years!
Great stuff, Matt. Mandy has absolutely no chance of dealing our club to asset strippers interested only in return on investments and with minimal interest in soccer.
Their investments should be targeted elsewhere.
After all, Mandy is just speaking words in her statement. Saving face and hoping to justify her commission and future credibility before moving on to the next big thing. Loving her time in the spotlight. Celebrity Traitors beckons. Could be Dragons’ Den but she doesn’t have any money of her own to invest.
A bullet dodged and happily so. We can get on with supporting our team on the pitch. Our winning team on the pitch, that is.
COYI
Well articulated article Matt. I am on the same page as you. I don’t care who owns WHU as long as it is for the betterment of the club and the fans who love it.
Hasn’t Staveley stated the Reuben brithers and their 25 billion is backing her interest in West Ham, or rather the Reuben Brothers return to developing in the Stratford area, that they have already been involved in.
Yes,let Kretinsky run the football side, and Staveley or rather the Reubens run the development
Let them all packet and leave us with a well financed and properly run football club, with a real football stadium and hopefully free of Sullivan
Aye to all of this Matt, anyone with any sense should be totally averse to an LBO. Look at the mess over many years at Man Utd & the massive interest payments each year…
Kretinsky’s looking to provide a modern stadium at Sparta, and reportedly is looking at improving The London Stadium, although we don’t know to what extent at the moment, however he has a track record.
Very good article presenting both sides of the argument. I suggest that you explain your logic to your colleague Gonzo. He is still accusing Kretinsky of “doing a deal” with Sullivan which is somewhat misleading the fanbase. He either does not understand the pre-emption process properly or is choosing to ignore it.