West Ham United are preparing for their first Championship campaign in 14 years with renewed optimism around the team, but uncertainty over the club’s ownership continues to cast a shadow over the start of the season.
Manager Nuno Espirito Santo has committed his future to the Hammers, while captain Jarrod Bowen has also agreed to stay. The arrivals of Manor Solomon and Joel Veltman have strengthened the squad with additional experience.
West Ham have lost Mateus Fernandes to Tottenham and Crysencio Summerville to Saudi Pro League side Al Hilal, but the response from supporters following relegation has remained strong. Around 50,000 season tickets have been sold ahead of the new campaign.
The mood away from the pitch is considerably less settled, with a complicated battle developing between some of the club’s most influential shareholders.
Sullivan departure reshapes the boardroom
David Sullivan resigned as West Ham co-chair and director in June after seven women accused him of sexually exploitative and predatory behaviour. Sullivan has denied the allegations.
Despite stepping down from his official positions, he remains West Ham’s largest individual shareholder with a 38.8% stake.
Sullivan has faced criticism from sections of the fanbase for years, particularly over the club’s move from Upton Park to the former Olympic Stadium in 2016. He previously ran West Ham alongside the late David Gold and former vice-chair Baroness Karren Brady, who left her position in April to concentrate on other business interests.
Following Sullivan’s resignation, fellow co-chairs Vanessa Gold and Daniel Kretinsky indicated that protecting the club’s future would be their priority.
An initial arrangement appeared set to make Czech billionaire Kretinsky the dominant shareholder. Kretinsky, who held 27%, was expected to increase his stake to approximately 43% through an agreement involving Gold, whose holding stood at 25.1%.
Other significant shareholders, including Tripp Smith, Daniel Harris and Terry Brown, were understood to support the proposal.
However, the transaction was never completed.
Staveley consortium changes takeover picture
On 1 August, Gold confirmed that the original proposal and alternative options had failed and revealed an agreement to sell her entire holding to a consortium led by former Newcastle United co-owner Amanda Staveley.
The move dramatically changed the ownership landscape and prompted Kretinsky to assess his position.
Days later, businessman Jakub Havrlant acquired slightly more than 2% of Kretinsky’s shares, reducing the Czech investor’s holding and creating further questions about the structure of any future takeover.
The dispute is complicated by West Ham’s pre-emption rules. When a major shareholder agrees to sell, existing shareholders must first be given an opportunity to purchase the shares on the same terms and on a proportional basis. That window remains open for 30 days.
Under that structure, Sullivan could theoretically acquire around 13% of Gold’s stake, taking his total ownership above 50%, while Kretinsky could potentially buy approximately another 9%.
Any significant ownership change would also face scrutiny from English football’s Independent Regulator, an institution Sullivan and Brady previously opposed.
Shareholder rules create another obstacle
West Ham’s agreements contain another important provision. A shareholder who increases their ownership beyond 50% can be required to make an offer for the remaining shares at a substantially higher valuation.
Kretinsky’s sale of a small stake to Havrlant could therefore become important. Even if Kretinsky ultimately acquired Gold’s full 25.1% holding, the reduced starting position could leave him below the 50% threshold.
That strategy is not straightforward, however. Kretinsky’s sale to Havrlant is itself subject to West Ham’s pre-emption arrangements, while questions could also arise over whether the transaction was designed to avoid obligations contained within the shareholder agreement.
There have additionally been unconfirmed suggestions that Staveley’s consortium has approached Sullivan about acquiring his stake, potentially opening another route towards control of the club.
None of the principal figures involved — Sullivan, Gold, Kretinsky or Staveley — has publicly detailed a complete long-term strategy, leaving supporters with little clarity over how the ownership contest will eventually be resolved.
West Ham will begin their Championship season away at Burnley with considerable enthusiasm surrounding the squad. Their 3-1 EFL Cup victory over Portsmouth, watched by 53,369 spectators, has already underlined the strength of the club’s support.
Yet while the football side attempts to rebuild following relegation, the struggle for influence in the boardroom remains unresolved and could shape West Ham’s future well beyond the coming season.