By Kris Gonzo | Senior West Ham Columnist (Follow on X)
Daniel Kretinsky has no intention of selling his West Ham shareholding and still wishes to maintain a controlling interest in the club.
That’s the latest information given to Claret & Hugh by a football insider, and it will certainly be seen as something of a ‘hands off’ warning to Amanda Staveley.
A consortium led by PCP Capital Partners founder Staveley has reached an agreement to buy Vanessa Gold’s 25.1% stake in West Ham.
However, the transaction faces a pre-emption process where existing major shareholders, including Kretinsky, can exercise their rights over the available shares.
Therefore, this remains a very contested situation rather than anything resembling a completed takeover.
Kretinsky has no intention of going anywhere
As part of his attempts to maintain control, Kretinsky has also agreed to sell a 2% stake in West Ham to fellow Czech businessman Jakub Havrlant.
As reported previously by Claret & Hugh, the move forms part of Kretinsky’s attempts to strengthen his position as the battle for control of West Ham intensifies.
However, that has not deterred Staveley, who is understood to be as motivated as ever to eventually take control of the Hammers.
Vanessa Gold could now sell to Staveley
So when Claret & Hugh asked an insider whether there was any chance the Czech billionaire would sell his West Ham shareholding, the answer couldn’t have been much clearer.
“Kretinsky will NOT sell.”
If the information is correct, anybody hoping that Staveley might simply buy out Kretinsky as part of a straightforward takeover can probably forget it.
Liquidity questions remain
The update comes only days after football finance expert Stefan Borson questioned Kretinsky’s liquidity.
As I wrote following Borson’s comments, the finance expert suggested that the Gold family had been waiting for Kretinsky to ‘put his money where his mouth is’ before eventually finding another buyer.
Borson told talkSPORT:
“waiting for Kretinsky to put his money where his mouth is. And for whatever reason, it looks like he wasn’t liquid at that point to be able to buy the shares that he committed to buy or that he indicated he would buy.”
Whilst Kretinsky has an estimated wealth of around €13 billion, Borson’s suggestion was that the Czech billionaire was unable to access the necessary funding to complete the initial purchase of the Gold family shares.
That failure opened the door for Staveley in the first place.
But if the latest messaging coming from Kretinsky’s camp is anything to go by, he has absolutely no intention of stepping aside.
Instead, it looks increasingly likely that he will exercise his options under the pre-emption agreement.
Staveley might be as determined as ever to get control of West Ham, but it appears Kretinsky is equally determined to stop her.
Stating that David Sullivan could currently purchase additional shares is factually incorrect. Sullivan remains under active investigation by the Independent Football Regulator (IFR), which is exercising its statutory powers to gather urgent information regarding his suitability as a club owner following serious allegations. Until this regulatory process concludes, Sullivan cannot pass the Owners’ and Directors’ Test, effectively excluding him from increasing his stake. Furthermore, should the investigation yield adverse findings, the IFR possesses the authority to compel him to sell his existing 38.8% holding in West Ham United.
Regarding Daniel Křetínský, suggestions that he was unwilling to purchase the Vanessa Gold shares are just misleading. Acquiring the full 25.1% stake would have pushed Křetínský’s ownership above the critical 50% threshold. And under a 2021 shareholder agreement, crossing this limit triggers a mandatory bid obligation, forcing him to purchase Sullivan’s remaining shares at a significantly inflated premium.
To avoid this and block Amanda Staveley’s competing offer, Křetínský reacted by executing a strategic manoeuvre to reduce his personal holding from 27% to below 25% by selling a portion to Czech entrepreneur Jakub Havrlant, which will also have to go through the same pre-emption process at the same time, causing no longer delay than has already been created. This move, far from being a sign of weakness, was a calculated response to Staveley’s bid, allowing Křetínský to absorb the Gold family’s stake without triggering the mandatory buyout clause. And more importantly it givies him first option on the Gold shares instead of Staveley.
The delay of 2 to 3 months relating to the regulatory pre-emption process, were also the same delays present for the Kretinsky & Gold deal which everyone kicked off about saying it was taking too long – these delays were mentioned numerous times and caused a lot of speculation regarding the Kretinsky & Gold deal. But they relate to the regulatory pre-emption process and are not controlled by Křetínský or Gold. Therefore, it is highly plausible that Vanessa Gold, requiring liquidity for Ann Summers, attempted to negotiate a higher price, thereby stalling the initial deal in the hope of creating a window for Staveley’s larger offer.
Gonzo wrote:
Unfortunately, the proposed deal between the Czech billionaire and the Gold family never materialised, and nor did the rumoured cash injection of between £90 million and £100 million which the club were desperate for, having suffered a £104 million loss in the last accounting period.
If Kretinsky wasn’t the majority the shareholder as planned when he said he would invest, then there is no way you are investing that £90-100 million when it could possibly benefit other hostile shareholders, Sullivan included.
Why would Křetínský inject significant capital while remaining a minority shareholder alongside potentially hostile partners like Sullivan or Staveley. Without majority control, such an investment would disproportionately benefit other shareholders, a scenario no rational investor would accept. Thus, the failure of the cash injection is a direct consequence of the fractured ownership structure, and attempted Staveley deal, not a lack of liquidity on Křetínský’s part.
And according to Borson, the Gold family had been:
“Waiting for Kretinsky to put his money where his mouth is. And for whatever reason, it looks like he wasn’t liquid at that point to be able to buy the shares that he committed to buy or that he indicated he would buy. So the Gold family went off, found themselves another buyer.”
Notice the parts that state “According to Borson” and “And for whatever reason”
Those parts are very telling when someone is speculating as it doesn’t give a reason to justify the opinion or comment, but it does create enough doubt for the statement to read as true, or for it to appear that someone has greater knowledge of the situation to help justify their comments.
I will be clear, Gonzo is just reporting on and repeating what was stated on Talk Sport, but if you read between the lines, Borson is saying something in a way to cast doubt without actually having to say it openly and clearly, and he also avoids giving reasons why. It’s very good spin in my opinion.
So recent media narratives appear to be strategic “blame game” tactics that may or may not have been circulated by Gold or Staveley to mitigate backlash. While Gold and Staveley have issued statements to deflect responsibility, Křetínský has maintained his characteristic silence, typically only commenting once transactions are finalized.
I have no doubt that Kretinsky is doing the best he can for the club, especially considering the situation is of other peoples making.
COYI
Perfectly put.
I have a question: If Kretisnky’s sale of just over 2% to Jakub Havrlant also has to go through the same pre-emption process and someone else decided to buy those 2+% of shares, lets say Gold, Kretinsky then wouldn’t be able to buy all of her shares, which would rise to nearly 28% as again, that would take him above the 50% threshold. Staveley, therefore, would again, be able to buy Gold’s shares. Am i right in that? Therefore, Gold could be the person who decides whether Staveley invests or not by deciding to buy the 2+% of shares that Kretinsky is trying to sell to Havrlant.
I don’t know enough about these things but if the 2+% of shares that Kretinsky is trying to sell also have to go through the same pre-emption process then this could have a massive impact on the club’s future. I read that those 2+% of shares didn’t have to go through that process but i guess that was wrong
I understand what you’re on about Saul – yes, the approximately 2.2% stake that Daniel Křetínský intends to sell to Jakub Havrlant is also subject to the club’s pre-emptive rights process.
Existing shareholders hold the first refusal on these shares. Any sale is conditional on these shareholders having the opportunity to purchase the stake before it can be finalized with Havrlant. If no existing shareholder exercises their pre-emptive rights within the specified timeframe (typically 30 days), Havrlant would then be free to acquire the shares.
But with Gold actively trying to sell her shares there is no way she would want to buy more. She obviously wanted to get the maximum for her shares that she could, which is why she agreed to sell to Staveley. Now Kretinsky has to match that price when buying her shares. If Gold wanted to buy more, she would also have to match the inflated rate as well so it makes no sense. She would be better just keeping 2+% of her own shares if that were the case, as its a much cheaper option. Also if for some unrealistic reason that happened, Kretinsky would simply limit the amount he buys and only buy enough shares to take him to 49.9% instead of 50%.
Talk about a on going drama something has to give we cant carry on not knowing who is in charge and is the owner this will effect our ability to bring in new players with one side wanting this another that its a farce no one will want to spend on players given the uncertinty over who owns and runs the club if our chec owner wants to take control why hasnt he bought the gold shares if the amandy stavley and co.buy them that leaves sullivian the major owner and we will be in big trouble if he stays in control
It’s more that any deal including the sale of the 2% has to wait for err I think 55 days in case any existing shareholder wants to take them
Staveley is a serial asset stripper preoccupied with personal wealth and the limelight of the financial and media stage.
Amanda has no interest in West Ham Olympic as a historic football club. Her interest is merely the spotlight of making money for herself.
Nice work if you can get it. Really hope that she aims for a different club.
Kretinsky isn’t beyond fault for this mess.
He had 30 days to buy his share of Golds 25.1% stake. In effect 27% of 25.1%. That would have been unopposed. The following 30 days would have allowed any other shareholder to purchase their % , so Sullivan , in this period could have increased his stake. If that didn’t happen then Kretinsky could complete the agreement. Nothing happened for 7 weeks wether he had the cash or didn’t. Kretinsky played a dangerous game of who blinks first politics and lost. VG lost patience. Even his sale of 2% to another investor is subject to pre-emption. This will rumble on !!!
13th June – Joint announcement on website that DK buying Gold’s shares within 2 weeks.
15th June – Stavely shown around London Stadium by LLDC
18th June – Stavely answers ‘maybe’ in an interview about buying West Ham.
But you think Gold wasn’t contacted by Stavely within 30 days, even though everyone expected DK’s deal to be done within 2 weeks.
Wake Up!
Stating that David Sullivan could currently purchase additional shares is factually incorrect. Sullivan remains under active investigation by the Independent Football Regulator (IFR), which is exercising its statutory powers to gather urgent information regarding his suitability as a club owner following serious allegations. Until this regulatory process concludes, Sullivan cannot pass the Owners’ and Directors’ Test, effectively excluding him from increasing his stake. Furthermore, should the investigation yield adverse findings, the IFR possesses the authority to compel him to sell his existing 38.8% holding in West Ham United.
Everyone has something to say…..but no-one knows the facts.
She will have factored that in, DK can’t buy the Gold shares at the minute or he would have already, if AS buys those she can make an offer to the other shareholders for some of theirs and if she is higher than DK in shareholding she gets first refusal on share sales under the preemption agreement.
Which given the direction of the club at present is something that may be needed, most of DK’s fortune was gifted to him through virtue of his marriage, he hasn’t done a great job at the other club he owns and indeed made many mistakes, he isn’t doing a great job here it was Macauley’s buys that generated the wealth and for some inexplicable reason he was let go…
Is he better than DS, yes but not by much on evidence so far.
Why doesn’t he come out with a f**king statement so we all know what is going on! He was quick enough to make one after the Panorama episode and Sullivan stepping down when season tickets were still on sale
I’m not sure this is anything we didn’t already know, or thought we knew.
However, I think its positive. Kretinsky as a minor shareholder with Sullivan in control is a different animal to the one who temporarily took control a few weeks ago. In fairness, he seized the opportunity and immediately made commitments in writing to buy more shares and support the club financially when he was the largest shareholder, while also convincing Bowen his project was ambitious.
What happened after was down to Gold’s backtrack, and who can blame Kretinsky for holding back that support when even now it is possible for Sullivan to buy enough of Gold’s shares to get a majority stake. Perhaps unlikely, but a possible outcome.
On Kretinsky v Stavely, I said the other day on social: If I had to invest £1k in one of them to run the club then I’d probably go Stavely as it’s very much a gamble but could be exciting, but if I had to invest my pension then it would be Kretinsky.
About the only thing he won’t sell! As Stubbo said, Kretinsky has cash yet he steadfastly refuses any of it to improve our squad. Quite the opposite actually. All those empty promises whilst we were renewing season tickets, only to be badly let down after. Well I hope Staveley and her investors don’t go away. Someone needs to start holding this guy to account, including us fans.
He only owns only 27%, and now has no voting block since Gold’s about turn. He has Stavely trying to buy the club, Sullivan able to buy a majority stake if he takes up his preemptive rights on Gold’s shares, and you think he should put money in before its all resolved? I’m sorry but this isn’t Neverland.
I don’t understand his logic here gonzo, if he’s committed to the club then why has he allowed the closing down sale we’re in the middle of? He must know that failure to return to the premier league at the first attempt will be catastrophic yet with less than 2 weeks till the window closes we have 2 senior centre half’s, 1 of which is simply not up to the task and who makes the other one look nervy and unsure. We have next to no pace in the team, we have next to no creativity, we have zero cover for Bowen, we are wafer thin in quality in midfield, we have a striker who looks like he wants out and a manager who appears determined to sabotage any hope of promotion with his relentless negativity. If he isn’t able ot willing to do all he can to help the club then I would like to see him sell up and allow people who want the best for our club to come in and move us in a different direction. Cheers
I wish Kretinsky would sell up and go along with his mate Sullivan and let Stavely take over.
No thx, she left Newcastle over stretched so that they had to sell their best to meet financial regulations then liquidated one of her companies that owed Newcastle £650k to avoid paying it, want her nowhere near us.
It’s a tough one, the Emperors fiddle while West Ham burns.
Long term I think Kretinsky will be the better option, though I envisage Staveley would invest hard and fast for a quick return to the EPL and short term success. If it means a decent ROI should she sell on.
No point in romanticising this, it’s about either being able to make money. We can only hope that means either will invest in the teams (Men’s, U21s, Women’s and Academy), ground, training facilities and fan experience.
🤞🤞🤞
As always the team and supporters come second in a battle for control! Real shame as this is just causing unnecessary distractions in our most important season for decades!
This so called “Finance Expert” didn’t do a lot of homework did he?! Kretinsky through his EP group has 9bn in cash!
Cash poor/illiquid he is not. His energy firm generates colossal investable cash flow per year. Frankly an embarrassing lack of research conducted by Borson.
Yes but €9bn of group cash doesn’t mean €9bn that Kretinsky can simply spend on another acquisition. A lot of it belongs to operating subsidiaries and is needed for working capital, debt service, capex and other commitments. EP Group doesn’t have centralised cash management. Most consolidated cash is at subsidiaries.
It doesn’t really matter where it is or what it is allocated for. In a pinch, as 85-90% owner and chairman, it’s unthinkable that he could not lay his hands on a relatively tiny amount of funds or funding for him.
He’s not an idiot, he would have known that Stavely was being shown around the London Stadium 2 days after the website announcement and that she answered ‘maybe’ when asked about buying West Ham.
You’re right. EP group, which he owns something like 85-90% of, makes €8 billion a year pretax profits. To suggest he couldn’t find the funds for something like £80-90m of shares is just not realistic.
While all this is going on Sullivan is still the major shareholder So we are in the …. Fans suffer the team suffers All for what greed
Won’t sell, won’t buy, won’t invest. Fire risk in the boardroom with all the deadwood lying about.