West Ham have announced that Daniel Kretinsky and his Czech investment group 1890s holding a.s have completed a 27% acquisition of the club.
The deal was announced by West Ham following negotiations between Kretinsky and West Ham co-owners David Sullivan and David Gold and the Hammers shareholders. The deal values West Ham at between £600million and £700m sees Kretinsky and his colleague Pavel Horsky become members of the Board of Directors as part of the agreement.
Czech billionaire Kretinsky was at the London Stadium to witness West Ham defeat Liverpool 3-2 on Sunday and said he is delighted to be joining a club that is thriving.
“I am delighted this detailed process has now been successfully concluded,” Kretinsky said. “I am passionate about football. I greatly appreciate and respect the exceptional history and tradition of West Ham United as well as its loyal and passionate supporter base and also the highly inspiring role it plays in many social programmes and initiatives. The development and growth of the club in recent years has been clear for everyone to see and I am delighted to be part of what I believe is a very exciting future ahead.
“Having been to the London Stadium recently to watch David Moyes’ team, I know it is an incredible time to become part of the West Ham United family. I feel privileged to now have the opportunity to help everyone here build on the proud traditions of this great club.”
In a statement West Ham said: “The agreement is a further improvement to the club’s capital structure which will initially enable the reduction of its long-term debt and the ability to continue to direct funds generated into other key areas of focus, continuing the positive progress made at West Ham United in recent years.”
According to Forbes Krentinsky is valued at £2.9billion having amassed his wealth through a combination of energy, media and publicly traded company investments.
West Ham United Vice-Chairman Karren Brady welcomed the investment and Kretinsky and Horsky to the board: “On behalf of the Board I am very pleased to welcome Daniel Kretinsky, Pavel Horsky and 1890s holdings a.s to West Ham United. We are always looking to continue to progress and Daniel’s involvement brings investment which strengthens the club’s position, and in turn will assist in the development of the club’s key areas of focus.
“David Sullivan and David Gold have always been very open about finding the right investors to join them on the journey as custodians of West Ham United, and Daniel’s strong business acumen and football experience will be of huge benefit to the Club. We very much look forward to working with him and Pavel.”
Source by Football London