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Kretinsky ‘cash cow’ downgraded

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By Sean Whetstone

West Ham shareholder Daniel Kretinsky has seen his gas pipeline company downgraded as a risk by rating agency Fitch

The Czech billionaire owns 49% of EUStream which has been a cash cow for his European power infrastructure business for a number of years.

In the past this operation has generated hundred of millions in cash which has allowed Kretinsky to invest in other businesses including Royal Mail, Sainsburys, Macys and West Ham United.

Fitch says their downgrade reflects our view of a substantially higher risk to eustream’ long-term contracts with Russian energy provider Gazprom.

The warning follows the progressive escalation of sanctions between the EU and Russia, which could prevent the receipt of scheduled payments from Gazprom in case of further measures, and from EU’s firm commitment to strongly reduce its reliance on Russian gas.

There is a significant material risk of non-payment from Gazprom, potentially stemming from a complete halt of gas flows from Russia to the EU.

Last month Kretinsky sanctioned the sale of one of Sparta Prague’s best players when Adam Hlozek was sold Bayer Leverkusen for €13m plus €5m in add-ons.

The Czech billionaire who has part owned the club since 2004 and is president added a sell on clause of  30%.

The sale surprised many believing that Hlozek would be sold to the Hammers who had been linked with ethe starlet for a long time.

The sale also raised questions on the ongoing investment and commitment  to the Czech football club and his ambitions to take it to the next level.

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I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball,

I am also the associate editor here at Claret and Hugh.

Life Long singer of bubbles! Come on you Irons!

Follow me at @Westhamfootball on twitter

4 comments

  • claretwine says:

    Was offered to moyes I think Sean like bousouma was for 25mill and moyes turned his nose up. Think your find when Ukraine wins this war and putin got rid of things will return to normal again for kretinsky.

  • The Moyesiah says:

    I’m sure you said that Covid and the war in Ukraine would have no impact on Kretinsky, in fact his wealth would increase! 😀

    • May have got that wrong then – good spot LOL

    • What I said was there has been no effect to date which I wrote a few months ago, the situation is fluid, this story says the ratings agency says it won’t be so rosy in the future. It is their speculation and prediction. As it stands the pipeline is still running and generating cash so the story is that the outlook looks gloomy as EU start to hit. No one has a crystal ball so we will be following Kretinsky’s fortunes with interest

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