Amanda Staveley's £150m deal for a 25% West Ham stake triggers a pre-emption battle with Daniel Kretinsky, who could buy the shares himself and force a full takeover.
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A battle for control of West Ham United is brewing. Amanda Staveley, the former part-owner of Newcastle United, agreed to buy a 25% stake in the recently relegated London club from Vanessa Gold for £150 million ($202 million). The deal puts her on a collision course with Czech billionaire Daniel Kretinsky.
Staveley is backed by Chicago-based Ashland Forest Capital Partners. The purchase is subject to a pre-emption process that gives existing shareholders the right to match the offer. Kretinsky, who was negotiating to buy part of the same stake to become the largest West Ham investor, could exercise that right, threatening Staveley’s plans.
The pre-emption process will take roughly two months. West Ham said in a statement Saturday that the ownership structure and day-to-day management will not change until it finishes. The club’s running “is in no way affected,” according to the statement.
A spokesperson for Kretinsky warned the Staveley move threatened to destabilize the club.
“The agreement we had reached with the Gold family in June provided stability for the club at a crucial time. Today’s announcement does the opposite,” they said. “We will always act in the best interests of West Ham United and are reviewing all of our options, including exercising our pre-emption rights in full.”
Gold confirmed the Staveley agreement in her own statement on Saturday, saying the original deal with Kretinsky and other alternatives “could not be brought to fruition.” The new buyers, she said, would bring “deep experience” of what it takes to lead a successful football club.
“This sale remains subject to a pre-emption process, under which existing shareholders have the option to buy the shares instead,” she added. “While the process has not yet concluded, I wanted to be open with our fans about where things stand and my intentions.”
A spokesman for Staveley said she had “huge respect” for Kretinsky and wanted to work with all shareholders.
“Our ambition is to support the fans,” he added.
The mechanics of the deal open up a more complex scenario. If Kretinsky exercises his pre-emption right in full and buys the entire Gold stake, his holding would rise above 50%. Under a shareholders’ agreement, that could force him to buy David Sullivan’s 38% stake at a higher valuation, people familiar with the situation said. Sullivan resigned as major shareholder after allegations of historic sex abuse, which he denies.
Staveley is well-connected in the Gulf region. She led the 2021 takeover of Newcastle United, which was backed by Saudi Arabia’s Public Investment Fund. Newcastle qualified for the Champions League in 2023 after a 20-year wait.
West Ham sold roughly 50,000 season tickets for the upcoming season despite being relegated to the Championship, the second tier of English football. Kretinsky had been considering a roughly £100 million loan to help the club buy new players, Bloomberg reported in July. That plan now faces uncertainty as the ownership dispute plays out.
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