Royal Mail owner Daniel Kretinsky is to take a 46% stake in West Ham as part of a deal which will make him the club’s largest shareholder.
The Czech businessman has struck a deal with the Hammers’ remaining shareholders, including former chairman David Sullivan, over the 25% of the club owned by the Gold family.
The deal is likely to end former Newcastle director Amanda Staveley’s immediate hopes of investing in the Championship club.
The move means Sullivan will increase his stake in the club, even though he resigned as chairman in June. He said he intended to fight allegations made against him in a joint BBC Panorama and Times investigation.
Co-chair Vanessa Gold previously agreed to sell a portion of her shares to Kretinsky in the wake of the allegations against Sullivan being made public.
However, earlier this summer, she announced an agreement to sell her entire stake to Staveley.
That triggered a complicated pre-emption rights agreement at West Ham, which gave existing directors first refusal on any significant share sale.
It is understood a deal was triggered before the deadline, resulting in Kretinsky agreeing to buy a significant portion of shares from Sullivan that will take his stake to 46% – with Sullivan’s eventually rising from his current 38.8% to 40%.
A third major shareholder, Tripp Smith, will increase his ownership to 11%, with the remaining shareholders holding 3%.
The deal effectively excludes Staveley from the process.
Sullivan’s status at West Ham is already being looked at by the independent regulator, although it is understood this latest move will not trigger further examination.
“The IFR’s enquiries into the suitability of David Sullivan under our ODSE [owners, directors and senior executives] regime are active and ongoing and we are in touch with relevant authorities as part of this process.”
Neither Kretinsky, Gold, Sullivan nor West Ham have commented on the situation.