Key Transaction Data:
Krejinski's New Stake: 43% (Previously 27%)
Increase: +16 percentage points
Source of Shares: Vanessa Gold (holding 25%)
Sullivan's Current Stake: 38.8%
Krejinski's 2021 Acquisition Cost: Approximately £150 million
Club's Loss Last Year: £104.2 million
Why the Move?
West Ham United were relegated to the Championship last month, and Chairman David Sullivan subsequently resigned as director and co-chairman last Saturday. Previously, a joint investigation by The Times and BBC's Panorama program reported that seven women accused Sullivan of abusing his power and sexually assaulting them, with allegations dating back to the 1980s and 90s. Sullivan himself vehemently denied all allegations.
It is against this backdrop that Krejinski accelerated his acquisition. He reached a share purchase agreement with Vanessa Gold – daughter of the late West Ham United co-chairman David Gold, who will inherit his 25% stake in January 2023. The two parties also agreed on a strategy of "voting unanimously on major issues and supporting an immediate return to the Premier League."
Kreginski's 1890 Holdings (part of the larger EP Group) will become the club's largest shareholder upon approval and has pledged to provide the club with the additional financial support it needs.
Key Events Timeline:
2021 · Kreginski's first investment – Purchased 27% of West Ham United shares from Sullivan and David Gold for approximately £150 million.
January 2023 · David Gold's death – His daughter Vanessa Gold inherited his 25% stake, becoming a shareholder of the club.
2023 · FA launches protective investigation — The Football Association received a complaint regarding allegations from the 1980s and subsequently restricted Sullivan's contact with West Ham United's women's team and youth academy. Sullivan denied the allegations.
May 21, 2025 · Sullivan informs the board — Sullivan informed the entire West Ham United board for the first time that a report on the upcoming investigation was about to be published.
2025 (specific date not announced) · West Ham United relegated to the Championship — The club's relegation exacerbated its financial crisis, with a transfer revenue shortfall exceeding £100 million.
Last Saturday · Sullivan resigns as co-chairman and director — Sullivan announced his resignation ahead of the joint investigation by The Times and Panorama.
This Saturday · Kreginski and Gold issue joint statement — The two parties announced that key terms of the share purchase had been agreed upon and expressed "deep concern" about the allegations.
The fate of Sullivan's 38.8% stake remains the biggest mystery.
It is unclear whether Sullivan intends to sell his 38.8% stake. However, the intervention of the Independent Football Regulatory Authority (IFR) could take this option out of its control. The IFR has the power to determine that Sullivan no longer meets the integrity and ethical standards required for holding a football club and to force him to sell his shares.
Notably, Tara Warren, a non-executive director of the IFR, has been asked to recuse herself from potential investigations into Sullivan to avoid a conflict of interest—Warren previously served as a senior director of West Ham United until her departure in February of this year.
According to sources, board members only learned that Sullivan had been restricted from contacting the women's team and youth academy since 2023 after West Ham United's relegation; the women's team was completely unaware of this.
The club is mired in both financial and management crises. Beyond the ownership turmoil, West Ham United's internal management is also in dire straits. A source familiar with the club described the situation behind the scenes as "a complete mess." The club recorded a loss of £104.2 million last year, and to fill the funding gap, it needs to raise over £100 million in the transfer market. This means that key players such as Jarrod Bowen, Matthäus Fernández, and Criseno Somerwell are under pressure to be sold at any time.
Meanwhile, the club currently lacks a sporting director, and technical recruitment chief Max Hahn has submitted his resignation. Krejčíski will face not only financial injections but also a complete management overhaul – he has pledged to build a squad capable of challenging for promotion under manager Nuno Espírito Santo.
West Ham United's Major Shareholders:
Daniel Krejński (Soon to hold 43%): Czech billionaire, owner of Royal Mail, whose 1890 Holdings is part of the EP Group. He initially invested approximately £150 million in 2021, and this acquisition will make him the club's largest shareholder. He has also pledged to provide additional financing.
David Sullivan (Holding 38.8%): The club's former largest shareholder, he has now resigned as co-chairman and director. Seven women have made historic allegations against him, all of which he denies. Whether the IFR intervened and forced him to sell his shares is currently the biggest unknown.
Vanessa Gold (Selling Partial Shares): She inherited a 25% stake after the death of her father, David Gold, in January 2023. She is now selling a portion of her shares to Krejński; the remaining shareholding percentage after the transaction is not yet disclosed.
Key points to watch:
Will the share purchase agreement be approved within weeks? Will other shareholders exercise their preemptive rights?
Will the Independent Football Regulatory Authority (IFR) launch a formal investigation into Sullivan and ultimately order the sale of his 38.8% stake?
The scale and timing of Kreginski's promised injection of funds.
Will key players like Bowen and Somerville stay in the summer transfer window?
Can the club quickly fill the vacancies for sporting director and technical recruitment head?
Can manager Nuno Espírito Santo's squad rebuild lay a solid foundation for promotion to the Championship next season?
Frequently Asked Questions:
When will Kreginski's stake increase be officially completed?
Kreginski and the Gold family stated that they have reached an agreement on key terms and expect the transaction to be completed within weeks, but this still requires other shareholders to waive their preemptive rights and approval from relevant regulatory bodies.
Will Sullivan's 38.8% stake be forced to sell?
It is currently undecided. The Independent Football Regulatory Authority (IFR) has the power to force Sullivan to sell shares if it determines that Sullivan does not meet the standards of good faith in shareholding, but the agency is currently in the preliminary investigation stage. Sullivan has denied all allegations, and it remains unclear whether he intentionally sold his shares.
How dire is West Ham United's financial situation after relegation?
According to sources, the club lost £104.2 million last year and needs to raise over £100 million through player transfers after relegation. Key players like Jarrod Bowen are at risk of being sold, and the club currently lacks a sporting director.
Does Kreginski have prior experience managing a football club?
The sources do not mention Kreginski's specific background in football club management. He is currently the owner of Royal Mail and initially invested approximately £150 million in West Ham United in 2021.
What specific restrictions has the Football Association (FA) imposed on Sullivan?
Reports indicate that the FA received a complaint in 2023 regarding allegations from the 1980s, subsequently launching a safeguard investigation and restricting Sullivan's contact with West Ham United's women's team and youth academy. Notably, the women's team was unaware of these restrictions beforehand.
The content on this page is for informational purposes only. All facts are derived from publicly available reports and do not constitute any investment or buy/sell advice. Football club equity transactions involve complex commercial, legal, and regulatory risks, and the outcome of such transactions is uncertain. Readers should assess the risks themselves and consult with professionals before making any financial decisions.
