Daniel Kretinsky is becoming the largest shareholder of West Ham United — and he's doing it at a moment when the club finds itself in its toughest situation in a decade. A deal to buy additional shares from the Gold family will increase his stake from 27% to approximately 43%, surpassing David Sullivan's 38.8% — and putting Kretinsky in first place among owners.
Why Now
West Ham was relegated from the Premier League at the end of the 2024/25 season. This is not merely a sporting failure — it's a financial shock. The holding company WH Holding Limited's own reports describe relegation as a "serious, but entirely possible scenario" and directly estimate the loss of income from the transition to the Championship at up to £120 million — broadcasting rights, ticket sales, sponsorships.
Football financial analyst Kieran Maguire explained the scale of the problem: the club earned £270 million in 2024, with over half of that coming from Premier League television money. In the Championship, this revenue stream collapses several times over.
"Relegation would be a pretty big hit for West Ham. They made £270m in 2024, over half of that was television money. That would drop by something"
Kieran Maguire, football financial analyst, — Daily Mail
An internal going-concern note in the 2024/25 reports already warned of possible liquidity deficit in summer 2026 — even if the club had remained in the Premier League. Now that scenario is no longer possible.
Background: Sullivan's Resignation and Scandal
Alongside the announcement of the deal, David Sullivan — previously the largest shareholder — resigned from his position as co-chairman and director of the club. BBC and The Times published testimony from seven women accusing him of sexually exploitative behavior. Sullivan categorically denies the allegations, calling them "essentially untrue."
Kretinsky and Vanessa Gold stated in a joint statement that they are "deeply concerned" by the allegations, while simultaneously announcing the deal. Under its terms, Gold and Kretinsky agreed to vote together on key issues, effectively consolidating over 52% against Sullivan's stake.
Who Is Kretinsky and Why Does He Need a Loss-Making Club
Daniel Kretinsky is a Czech billionaire, owner of EP Group, which controls, among other things, Royal Mail in Great Britain. His interest in British assets is systematic: media, logistics, sports. In a joint statement with Gold, it is stated that EP Group "will be able to provide the club with the additional financing it needs."
The specific deal amount is not disclosed. The terms of "additional financing" are also not disclosed — on what performance indicators, in what form (loan or capital injection) and with what control rights for minority shareholders.
The Price for London — Not Just Sporting
West Ham leases the Olympic Stadium, which is managed by London Stadium LLP — a public structure under the oversight of the Mayor of London. The contract includes a clause reducing rent upon relegation from the Premier League: the club will pay £2.5 million less per year than in the Premier League season, when rent was £4.6 million. Mayor Sadiq Khan publicly called this arrangement unacceptable: London taxpayers are effectively subsidizing a private club's sporting results.
- £120 million — estimated loss of revenue from relegation according to the club's own reports
- £176.3 million — current parent company loan from Sullivan and Kretinsky on the club's balance sheet
- 50% — reduction in player wages upon transition to the Championship under contract terms
- £2.5 million/year — lost public rent for the Olympic Stadium
The deal has not yet closed: confirmation of right of first refusal from other shareholders and regulatory approvals are required. The timeline is "several weeks," as stated in the parties' joint statement.
If EP Group is indeed injecting new money, rather than merely restructuring existing debt — West Ham will have a chance to return to the Premier League as early as next season. If "additional financing" turns out to be another interest-bearing loan, the club with already technically negative equity will enter the Championship in an even deeper debt hole. This particular contract provision — the only one not yet disclosed — is exactly the point in question.
