As broken by the Times newspaper and covered by Claret and Hugh this morning, the new era at West Ham United appears complete, in a truly amazing seven days since David Sullivan resigned as director.
The allegations revealed in Monday’s BBC Panorama programme have forced the remaining shareholders in West Ham United to act in unison to protect the future of West Ham, and of course their own interests as investors with millions tied up in the future of the football club.
In a statement this morning the club confirmed:
Joint statement from Vanessa Gold and Daniel Křetínský, representing the Gold family and 1890 Holdings:
“We were deeply concerned by the revelations made by The Times and Panorama this week and our thoughts go out to those women who have fought so hard to make their voices heard. Any abuse of power is abhorrent, and it takes great courage and determination to speak up against it..
The statement on the club web site continues to set out the evolution that is taking place and removing Sullivan from his position as majority shareholder:
“As Shareholders and Directors of West Ham, our focus is now firmly on protecting the future of this Football Club. Our goal is to stabilise West Ham United, retain as many of our key players as possible and, under the management of Nuno Espírito Santo, secure an immediate return to the Premier League. We are also committed to engaging with our fans and all business partners to build a stronger future for our Club. We have already taken concrete steps toward this goal.
“As such, we have reached agreement on the key terms of a share purchase transaction between the Gold family and 1890 Holdings, which, subject to other Shareholders’ pre-emption rights and necessary approvals, would make 1890 Holdings (part of the broader group EP) the largest Shareholder in West Ham with an approximately 43% stake. As the largest Shareholder, group EP will be able to provide the additional financing the Club needs.
“We expect to finalise this transaction in the next couple of weeks. Once the agreement is complete, group EP and the Gold family have also agreed to vote jointly on key matters and to support the strategy targeting an immediate return to the Premier League.
A pretty robust statement from the new look West Ham board leaves little room for doubt. David Sullivan is no longer the controlling force that was an-ever present at the football club for over fifteen years. Whether, or not, Sullivan chooses to sell is irrelevant to the day to day running of the football club which has announced its new corporate structure is ready and willing to ‘protect the future’ of West Ham United. Amen to that.
I think we wrote last week that it wasn’t over for Sullivan until the fat lady sang: We can all hear her warbling ‘bubbles’ at the top of her voice from just outside the West Ham boardroom today.
and congratulations to Vanessa Gold & DK on such a firm statement regarding how abhorrent any abuse of power is. Also for stepping in, in such a determined manner when the club really needed it.
1. David Sullivan seems to have the right to buy Gold shares, they must be confident he won’t (pre-emption rights), I’m guess he doesn’t have the money and risks doubling down on a investment he might be forced to sell by the regulator later.
2.witu this purchase deal it is now contractual that Gold will vote with Kretinski, this formally creates the 52% majority. Sullivan sons are now out voted on all operating board decisions, Kretinski is definitely in control.
3.Sullivan Can Still Block special resolutions. He still holds 38.8% and the 75% threshold still applies. So:
No new share issuance without him
No structural company changes without him
No formal recapitalisation through equity without him
4, But Křetínský doesn’t actually need Sullivan’s agreement to inject meaningful capital right now. Through shareholder loans and commercial arrangements he can fund the Championship promotion push entirely through board-level decisions.
So this really is awesome news!!!
👍 – massive news! 🥳
I know this is not a chat thingummy, just the 1 question.
Do you know anything about this? Once DK has the extra shares required he can then dilute other shares by investing into the club without there being a share issue.
Refer to C&H Behind the scenes boardroom battle:
“Most importantly if he wanted to put money into the club, not to buy shares from another shareholder, but to actually improve the finances of the club, he could do so [at that point] and that would dilute David Sullivan’s shareholding over time.
I’ve seen that device used by many investors to gradually take full control of the club.” “
To all at C+H
In respect to the women affected by Sullivan, can you please stop using the image of him.
The one nagging doubt over the past week was that Sullivan could, with the support of the Gold family, still have influenced decision making at the top level.
Vanessa Gold’s statement of concern for the women victims and her stated intention to vote with Kretinsky on key matters sinks Sullivan without a trace. I can’t stop smiling…… it is indeed time to break open the bubbly.
What a season we could have ahead of us. COYI ⚒️
Kretinsky has played a blinder and seized the opportunity when it has arisen. Let’s hope he proves to be a good owner.
Remember he has had 3 years in which he could have bought the Gold shares but never bothered.
How Sullivan must regret not buying some of them to give him over 51%
I’m genuinely delighted to see this news, but like many West Ham fans, I’ve been around long enough to know that words and promises only go so far. We’ve heard big promises before and too often we’ve been left disappointed.
That said, I do respect the fact that the club’s new leadership have come out publicly in support of the victims and acknowledged the seriousness of the situation. I also welcome their commitment to rebuilding the relationship with the fans. Trust has been damaged over the years, and restoring that trust has to be a priority.
This feels like a genuine turning point for the club. Maybe the shock of recent events was exactly what was needed to force a reset and make everyone take a hard look at where West Ham is heading.
The supporters have stood by this club through everything. Now it’s time for the board to deliver, not with statements but with actions. The future of West Ham depends on getting the next few years right. If they succeed, this could be the start of a new and successful era. If they don’t, the club risks continuing a decline that none of us want to see.
For the sake of West Ham, I hope this is finally the moment where promises become reality. COYI.
Great he has become a focal point.
With that news hopefully he will fade into a distant past.
Unfortunately he will never be forgotten as he is part of whu history.
Time to move on to the next part.
2 days time 15th June transfer period opens need to get it sorted whose going and whose coming.
This has now got to take priority with business being done sooner rather than later.
Next step will be back into premier league to give Spurs what they deserve a good spanking.
Perhaps Brady will be there to hand out the punishment?
Interesting news from the club´s official site. It seems Kretinsky is acquiring about 16% of the Gold family shares to make him the largest shareholder at 43%.
From that information it seems that Sullivan is retaining his 38.8% shareholding even though his executive power is gone. I wonder why? It can only be that he – a) over values his shareholding. b) He is not short of cash c) Thinks a quick return to the Prem might see his shares increase in value. d) The acquisition of the stadium could provide him with more opportunities.
My final observation would be that the other shareholders have obviously collaborated together against Sullivan and might well call for a rights issue to raise capital (introduce new share options in proportion to existing holdings). The key being that Sullivan may be unable to buy his right to 38.8% of new additional shares which means that other shareholders can acquire them….
I am already looking forward to WHU one day, taking on the likes of Tottenham & Arsenal as a massive London club. There is a way to go before then, but it does feel as though the handbrake might be off.
I’ll come back down to earth soon enough.
I’m of the opinion that Sullivans shares will be sold to an outsider. Kretinsky doesn’t need them, he already has control over the club.
For what it’s worth, my guess is they will keep them their remaining shares and wait for a turnaround in the club’s fortune. They have no need to do anything, just to wait.
At last. Now, nothing will be the same as before. It is going to take some getting used to, not having meaningless statements, fake news, unkept promises, questionable decisions, scandal,…
I’m glad there will be shared responsibility with Vanessa Gold & DK, really glad, It sounds like a sensible arrangement that holds promise.
Can we have that party now? 🥳
Overdue a party, I should say…
Martin long may it continue, but until Sulivan sells up I won’t be happy with the situation. Weneed a clean break, this is the best way to make it happen so it’s a step in the right direction. I can’t see Sulivan giving up that easy, hopefully the chanting he got from our last game and this will persuade him it time to move on
just means that whatever Sullivan’s course of action, he is marginalised and unable to influence major decisions.. Sounds like he has bigger things to attend to just now in any case..