After the first – and as we now know the only -round of shareholder pre-emption rights, the West Ham United boardroom battle appeared over as the existing owners closed ranks to keep the Gold shares ‘in house’.
Whether Daniel Kretinsky, now closing in this week on his 46% shareholding once Vanessa Gold’s shares have been allocated and paid for – expects that to be an end of the ‘Staveley affair ‘ isn’t clear.
Many have already suggested that co-shareholder David Sullivan’s own increase to a 40% holding has been made specifically to increase his holding in order to maximise his return on any subsequent share sale and final exit from the club.
Kretinsky may find the battle is far from over, according to reports
What is certain is that Staveley herself isn’t giving up on finding a way in to West Ham: More likely, according to reports, that she’ll pivot from one shareholder’s assets to another. According to thewesthamway, quoting The Athletic:
“Amanda Staveley is reported to be getting set to release a statement on her interest in West Ham and more importantly her next move…The Athletic has reported that the wealthy consortium backed Staveley is not out, with an announcement set to be made soon…
This could be huge for the future of West Ham, with Staveley expected to move for David Sullivans 40 % stake in the club and quite possibly more.
The Athletic have also reported that Sullivan is now ready to sell up and Staveley will no doubt be ready to table an offer that could well see the hugely unpopular Sullivan depart east London at long last.”
This could well be wishful thinking – after all, who wouldn’t pop a cork or two at the final, irrevocable exit of David Sullvan from our club – but until Staveley’s statement is forthcoming, the conjecture will continue.
Those that know her well suggest she isn’t one to take ‘no’ for an answer and most West Ham fans would be cheering her on, relishing the prospect of a Stanley – Kretinsky alliance with the more hands-on Amanda Staveley dealing with the day-to-day running of the club in a more public capacity – which Kretinsky is obviously keen to avoid.
Calling a businesswoman like Amanda Staveley dumb is ridiculous. Do you think a multi-billion-dollar-backed consortium hasn’t thought about everything you have said, but let’s not let the internet and a keyboard get in the way of a response.
No ones mentioned the possibility Kretinsky wants to sell his 46% as well to turn a profit
Hopefully, this is the case I get rid of Sullivan at long last, but I’m not going to hold my breath.
Sorry Martin and I know you are just reporting what is being said elsewhere, but this a massive non story for a number of reasons:
1. If Staveley buys Sullivan’s holding a 40% holding does nothing for her and her investors.
2. If Sullivan sells pre-emption rights apply so Kretinsky will be able to block any move. He doesn’t need to even take up the full rights, just enough to give him a holding of 50.1%
3. The main reason he has previously not wanted to go above 50% would no longer apply since Sullivan would already be selling (even more relevant if Staveley has agreed a price for the shares). He might choose to just go to 50.1% or take up his full rights. The rest of the existing shareholders might do the same and either keep them or sell to Kretinsky like they did with the Gold Family Trust shares.
4. The secondary reasons for not going above 50% is UEFA rules on club ownership for clubs competing in their Europe which widely reported across a number of media outlets is a red herring. The limit is 30% so Kretinsky already is above that level at both West Ham and Sparta Prague. This rule can be managed by demonstrating that each club day to day activities are fully segregated or the holdings of one are placed into a blind trust as the owner of Forest and olympiakos did.
I’m not sure if the media just likes to try to stir up a non story or Staveley is just too dumb to realise it’s over!!
So if she bought out Tripp aswell?
Tripps shares would also need to go through pre-emptive rights process giving the other existing shareholders the chance to purchase them…..If Kretinsky is smart (which he is) he will already have all of these options covered. Probably by either doing a deal with one of the other shareholders, even Tripp Smith. A deal that is in writing, similar to the agreement Kretinsky signed when he bought his 27%👍
That’s a shame because Kretinsky doesn’t fill me with any hope at all. Another sterile stuffed shirt not wanting to show up to matches and give us some support.