As we reported last week, and as Martin followed up yesterday West Ham’s ownership picture is finally starting to take shape. And, because it’s West Ham, it’s doing so with all the subtlety of a late‑night EastEnders plot twist.
With David Sullivan quietly nudging his shareholding up to 40%, the rumour mill has gone into meltdown. Fans are confused, eyebrows are raised, and the boardroom currently resembles a ping‑pong table covered in chequebooks.
The latest suggestions are that Sullivan is open to selling his 40%. Yet, if Amanda Staveley is still interested , regardless of any potential offer being accepted by Sullivan, she would still need Tripp Smiths holding to get a controlling stake.
But before diving into the takeover whispers, here’s the key part everyone needs to understand: Pre‑emption rights.
The effects of which we’ve already seen with regards to the sale of Vanessa Gold’s stake. Pre‑emption rights are basically a “first refusal” rule. If any shareholder wants to sell their shares, existing shareholders get the chance to buy them before anyone else.
Daniel Kretisnky more than likley has big plans to revamp the London Stadium – and here his ambition matches that of would-be shareholder Amanda Staveley
Here’s how that applies to West Ham’s current situation:
• Sullivan increasing his stake to 40% means he now has a bigger chunk he could sell.
• If he does sell, every other shareholder gets first dibs — including:
Daniel Křetínský (46%),
Tripp Smith (11%),
Jacub Havrlant, and anyone else on the top table.
This is where the takeover talk gets interesting. Křetínský can simply choose to buy as many shares as he wants. Any offer by Staveley sets the price and supersedes any previous agreement.
And don’t forget:
• Jacub Havrlant can also buy a small percentage of shares under pre‑emption
• His involvement could help Křetínský consolidate control even further.
In short: Staveley can only reach 51% if the other shareholders let her.
So What Happens Next?
Sullivan’s reported move has opened the door and inevitably Staveley’s name has re‑entered the conversation.
Whether Staveley pushes ahead or walks away remains to be seen. Whether Křetínský decides to buy more shares remains to be seen.
Whether Sullivan cashes out remains to be seen.
But one thing is certain, West Ham’s ownership drama is far from over!
The 2021 shareholder agreement dictates that if Daniel Křetínský crosses a 50% ownership threshold in the club, he is legally mandated to make an automatic, comprehensive offer for the remainder of the club, which includes buying out David Sullivan’s remaining shares at a potentially inflated or pre-agreed premium price. But a lot of who will be in control of the club rests on if DK did actually sell any Shares to Jaub Havrlant as was suggested. All of Golds shares were bought up in the first round of the preemtive rights process, so no second round to buy remaaining shares. Then Sullivan sold some shares to DK, but no mention if after that any sjares were sold to Havrlant. Will need to wait to see when the deal is paid for and reported to Companies House to know exactly who bought what. If DK did sell 2.2% to Havrlant and still ended up with 46% then he only needs to buy 3.9% of Sullivans shares during pre-emptive rights if Sullivan decides to sell.
To figure out Sullivan’s strategy we need a tax lawyer. How he holds the shares and whether he is better selling now or having inheritance tax take its cut when he dies will be key. Then there those that inherit. Do they want to remain invested in the club? Even being a part owner of a club like West Gam gets you coverage in the tabloids if you get a kick from that.
And the man writing the script is Tripp Smith who invited Staveley to get involved.
Sullivan is playing a blinder. He and TS can offer a controlling interest to AS. Providing she offers a price he is happy with thenDK can match but would take his interest to 50 % plus which then triggers him buying out Sullivan anyway. .Is that about right?
🤣🤣🤣🤣 For a nano second I actually thought you meant this. The only person who holds the cards is Kretinsky and there is nothing anyone else can do about that.
No it’s completely wrong. If Sullivan decides to sell his holding the pre-emption rights supersedes the agreement between Sullivan and Kretinsky .
Please stop thinking you are watching an episode of Dallas. Tripp-Smith is aligned with Kretinsky. He took his allocation of the Gold Family Trust to block Staveley and was supportive of moves to remove Sullvan from the Board
like him or not david sullivan is and always has been first a businessman.
he isnt silly he knows what he is doing he is playing everybody for the highest price for his shares.he wants top dollar even though we are in the championship.increasing his share was a masterstroke.now its put up or shut up time for the others he doesnot have to do or go anywhere.watch him try to become the number one shareholder before he sells.
i believe eventually stavely will win control it all.our friend who owns the post office hasnt made a move yet.dont be suprised if he sell either way our new benefactor is going to nave
to come across with a huge wad.think about it prime location in london an unbelievable fan base the potential is all there.im predicting a new owner eventually a new ground.
geoffrey risley
Sullivan purchased I believe 13% of the shares that was available from Gold but then sold them on to the other shareholders in the last round of negotiations. Surely if he was “playing everyone for the highest price” he would have kept them and not sold them on.
Sullivan will sell he knows he is not welcome at the the club and that the fans want him gone he will drag it out untill he gets the money he wants he still has influnance over the minor share holders and may well use that so.AS and her partners in crime can take control.and force DK out im not sure it would be a good thing but given how they turned newcastle around it may well bring a postive future for the club.as most things in life nothing is stright forward
geoffrey risley
Sullivan purchased I believe 13% of the shares that was available from Gold but then sold them on to the other shareholders in the last round of negotiations. Surely if he was “playing everyone for the highest price” he would have kept them and not sold them on. He only kept 2.2% of them.
The other consideration is that Kretinsky doesn’t want a majority shareholding, so the most he would increase his share by is 4% to take him to 50%. I guess, as you say, his ally Havrlant will then hold the balance of Kretinsky’s control. Remember, if Kretinsky decided to take a controlling interest he would have to buy the other shares at a pre-arranged value.
Sigh. Why is it our club that has to be the basket case?
All she needs to do is to make Sullivan an offer he cannot refuse, a price for his shares that is way above market value. He will also know in his heart if he has any chance of staying involved with West Ham. He makes his money. She does the same to Tripp and 51%
She, and her investors, can then buyout Kretinsky at market value.
At the end of the day it is all about how greedy Sullivan is.
It’s not that easy. If Sullivan agreed to sell his shares then DK and the other shareholders would get first refusal under pre-emption rules. DK only needs to buy 4% at Sullivan’s (bloated) price and Staveley would never have total control because DK’s associate owns 2%.
Does he though? No one actualy knows at this precise moment in time if Jakub Havrlant was sold any shares or not. Until all monies are paid and the shares exchange hands and are reported to Companies House, no one really knows the exact percentages and nature of the transfers. There have been a lot of reports saying what people were told occurred, but until its filed and is available for the public to see – no one knows for definite. In a lot of the reports posted it states that DK increased his holding to 46% after Sullivan bought his entitlement and then went on to sell some of those to DK, but there have been no reports stating that Havrlant bought the 2.2% from DK as was mentioned before the first round. If he did then DK only needs to increase his holding by buying 3.9% of the Sullivan shares if they go up for sale – during the pre-emptive rights process. That keeps DK under 50% which was the deal he had when he bought his original 27%.That gives DK controlling interest. But only if Havrlant did buy the 2.2% from DK. If he didn’t, then Im sure it will occur this time around to make sure he has the voting control he needs.
Very rich people who, like most wealthy people, are only interested in getting richer and are not happy until they do. But they’ll never be happy because that stops them making more money. That is literally all it is about. It’s a game to them. The striving for more personal wealth is all that is important. If you think they care about the football club (anymore than it hopefully generates more wealth) or what the supporters think, then you’re mistaken. It’s like people still think Farage has their best interests at heart when it’s so blindingly obvious that all he loves is money. Like the rest of these despicable people.
So true Andy, you cannot sate the super rich
Be interesting to know, with this latested share holding pre-emption dealings, if they’ve also written new Articles of Association and Shareholders Agreements, obviously being a privately owed company they are within their rights to amend these as they find fit, the Articles of Association would obviously be filed with Companies House so should be available for public viewing but the Shareholders Agreements being something agreed between the shareholders we may never know what’s in that agreement but the fact is until you know what’s in those agreements there’s no way of knowing if they’ve managed to stop any majority takeover by just including a few lines in a document.
Get out go on Gerra outta ma club doff doff doff doffa doff doff
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Classic!