According to the BBC, Kretinsky has agreed to buy a significant portion of shares from Sullivan, increasing his stake from 38.8% to 40%. This move effectively excludes Amanda Staveley from the process, who had been hoping to invest in the club. The deal also sees Tripp Smith increase his ownership to 11%, while the remaining shareholders will hold 3%.
The development is significant, as it means Sullivan will increase his stake in the club, despite resigning as chairman in June. Sullivan had previously stated his intention to fight allegations made against him in a joint BBC Panorama and Times investigation. The independent regulator is already looking into Sullivan's suitability as a director, but it is understood that this latest move will not trigger further examination.
The deal is a result of a complicated pre-emption rights agreement at West Ham, which gave existing directors first refusal on any significant share sale. Co-chair Vanessa Gold had previously agreed to sell a portion of her shares to Kretinsky, but later announced an agreement to sell her entire stake to Staveley. However, this triggered the deal that has now been struck with Kretinsky.