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Financial changes afoot as Irons approach window

The days of David Sullivan and David Gold reaching into their pockets for cash to buy players will come to an end this winter.

With arrival of Daniel Kretinsky as a 27 per cent shareholder and a new Articles of Association now submitted to Companies House there will be much more oversight over the club’s financials..

The board will need to approve the season’s business plan and budget and any deviation from that budget over £1m will need to come back to the board for approval.

Should Kretinsky, for example, decide to become a banler to the board on the buying of any  players that will need to have approval from the others.

And it also means that any single item or project over £2m will also need full board approval in the new scenario where there is now no chief shareholder.

With Daniel Kretinsky joining the board with his right-hand man, Pavel, there will be much more corporate governance and decision making at the holding company board level with formal voting.

The voting rights are also laid out in the new articles of association which can be found at Companies House at  WH HOLDING LIMITED filing history – Find and update company information – GOV.UK (company-information.service.gov.uk)

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About Hugh5outhon1895

Hugh Southon is a lifelong Iron and the founding editor of ClaretandHugh. He is a national newspaper journalist of many years experience and was Bobby Moore's 'ghost' writer during the great man's lifetime. He describes ClaretandHugh as "the Hammers daily newspaper!" Follow on Twitter @hughsouthon