New West Ham Articles of Association submitted to companies house last week show that the new board of directors which have much more oversight on the club’s financials.
The board will need to approve the season’s business plan and budget between 1st July and 30th September each year and any deviation from that budget over £1m will need to come back to the board for approval.
Any single item or project over £2m will also need board approval as will new contracts or liabilities of over £250,000. Any potential ligation over £200,000 will also need to come to the board before settlement and for visibility.
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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