Should Daniel Křetínský alone decide to exercise his pre-emption rights within the next 30 days and move to buying Vanessa Gold’s remaining 25.1% stake,(the subject of Amanda Staveley’s bid) there have been a number of misinformed reports raising concerns about UEFA rules and multi‑club ownership.
But let’s cut through the noise. Even if Křetínský takes his West Ham shareholding to around 52.1% which surpasses the intended 43% holding, he would not be forced to sell his interest in Sparta Prague.
UEFA’s regulations are far narrower than many fans assume. They only intervene when two clubs under the same owner qualify for the same European competition in the same season. That’s the crucial detail. West Ham are now a Championship side, miles away from European qualification, while Sparta Prague are regulars in continental football.
There would be no conflict, and therefore no requirement for Křetínský to divest anything.
Even in a hypothetical future where both clubs reach the same UEFA competition, the rules still don’t demand a sale. Owners can restructure voting rights, place one club in a blind trust, or adjust influence levels. UEFA’s aim is competitive integrity, not forcing owners to abandon long‑standing investments.
So the bottom line is simple: Before Staveley’s bid can be accepted, West Ham’s other shareholders can buy the shares at the same price according to their current allocation. If no others choose to do so, Křetínský can if he wishes in a ‘second round ‘as it were, buy Gold’s shares without any impact on his Sparta Prague ownership.
The takeover path remains clear, and UEFA won’t stand in the way unless West Ham return to Europe and collide directly with Sparta.
His camp are now faced with a few options.. buy the full 25.1% or look to sell his existing 27% stake or stay on as a minority share holder. My guess is that he will be acting on the former, especially with £120m heading his way in the form of the sale of Argos.
As per West Ham’s statement this afternoon, the procedure will take two months for shareholders to exercise their pre-emption rights, or not.. before the process can move forward one way or another.
Thank you for the clarity Matt. Still a way to go unfortunately, with the two month period until (potentially) revolved is not great. Might make the Jan trfr window exciting I guess!!
But what about Sullivan buying more? (to sell to AS)
How will this two month power battle affect our ability to buy players? Presumably nobody who may be selling their shares will want to sanction releasing money for players?
My take both are very shrewd business people with high stake powers,they can make Westham our club very powerful in the future.
Patience my friends it’s a game of falling dominoes.
Kretinsky won’t be getting £120m from the sale of Argos. Yes he’s the largest shareholder in Sainsbury’s but he only owns 10.3% of it. Sainsbury’s paid £1.4bn for Argos then sold it’s loan business for £720m so they are taking a hit of £560m in selling a loss making business. That is going stop Kretinsky taking cash out of the business unless he sells his stake
Maybe it’s coincidence but Newcastle manager Eddie Howe resigns for no apparent reason as Staveley who appointed him rocks up at West Ham.
Thanks for the clarification, Matt. Is this 2 months mandatory in such cases, I wonder? Could it be bypassed if the other shareholders declare no interest. Or is the fact that it has kicked in clearly show someone (presumably DK) intends to outbid Amanda Staveley?
I don’t think that’s quite right. Kretinsky can only buy a proportion of shares to match his current percentage,which would be around 7% (Sulivan could buy around 9%). If any shareholders dont take up their option then they are offered in round 2. A long way to go yet in this story
indeed, Dave, whufc statement says process will take two months to play out
ah well looks like I’m going to have to eat my hat , i genuinely thought that she was just trying to get her face on the new club badge , so looks like the new name is going to be the Staveley Stadium then ! doh ! x
My instinct is that Kretinsky will realise how important it is to have Staveley and co onboard, their ability to increase the value of the club, grow the business and make whatever shares Kretinsky already has in the club worth far far more. Alternatively I wouldnt be surprised if he’s already decided to sell his shares to Stavely and co.