Czech billionaire Daniel Kretinsky has completed a £650million takeover deal at West Ham United which will weaken the power of David Sullivan and David Gold, according to the Evening Standard.
Kretinsky initially forked out £150m to purchase a 27% stake in the east Londoners earlier this month- a deal that meant he joined the aforementioned pair on the West Ham board.
It’s somewhat of a surprise how quickly this has advanced, with some observers believing he would wait a little while to adjust to the Premier League before making such a big decision.
However, this statement of intent from the new key player at the London Stadium will only add extra excitement to a season that is looking very promising for David Moyes and his side ahead of Man City at the weekend in the Premier League.
Documents submitted to Companies House this week show a put and call agreement between Sullivan, 1890s holdings a.s, the holding company used by Kretinsky to purchase his stake, and EP Investment Sarl, Kretinsky’s investment company.
As such, Sullivan has the right to sell his shares to Kretinsky at an already agreed price, while Kretinsky also holds the option to buy Sullivan’s shares.
With the share price already set in writing, it will not change if Sullivan or Kretinsky take up their option — even if West Ham finish in the Champions League places this season.
Despite how quickly this has all happened, maybe we shouldn’t have been so surprised by this dramatic move, especially considering what the man in question has had to say in recent weeks about the Irons.
“I’m hugely impressed by the work of David Moyes and his team who have improved results over a long period of time,” Kretinsky said via the Evening Standard.
“This gradual evolution is, in my opinion, the most healthy way to build a strong club on a firm basis and with the right attitudes and culture. I speak from experience. We tried to rush the development of Sparta Prague a couple of years ago and the results were disappointing.
“Improving the quality of the squad is great, of course, but we prefer a gradual way that preserves and protects the ethos of the club and its values, including team spirit.”
Stay tuned to see what manager Moyes has to say on this news as football.london provides coverage from the press conference today (Friday) ahead of the trip to the current Premier League Champions on Sunday afternoon.
Source by Football London