(Bloomberg) — Amanda Staveley, the former part owner of Newcastle United, has agreed to take a 25% stake in West Ham United, setting up a potential tussle with Czech billionaire Daniel Kretinsky over the London football club’s ownership.
Staveley, in partnership with Chicago-based investment group Ashland Forest Capital Partners, agreed to buy a 25% shareholding in the recently relegated team from Vanessa Gold. She is offering £150 million ($202 million) for the shares, a person familiar with the matter said, in a move that could lead to her eventually becoming the largest shareholder.
Bloomberg previously reported that Kretinsky was negotiating to buy part of Gold’s stake to make himself the largest investor in the club. On Saturday, a spokesperson for Kretinsky warned the move by Staveley 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.”
The pre-emption setup means existing investors would get first refusal on any shares that change hands at a set price.
“This process will take approximately two months and, until it is completed, nothing will change regarding the ownership structure of the Club,” West Ham said in a statement Saturday. The club’s day-to-day running “is in no way affected,” according to the statement.
Gold confirmed the agreement with Staveley in a 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.
Last year, Bloomberg reported that Staveley had an interest in investing in Tottenham Hotspur. In recent weeks she has become more focused on West Ham, following the uncertainty at the club after major shareholder David Sullivan resigned after allegations of historic sex abuse, which he denies.
If Kretinsky buys the full Gold shareholding to take his own stake to more than 50%, he could be forced under a shareholders’ agreement to buy Sullivan’s 38% stake at a higher valuation, people familiar with the situation said.
The Times and Sky News reported earlier on Staveley’s agreement with West Ham.
Staveley, who is well-connected in the Gulf region, led the 2021 takeover of Newcastle, which was supported by Saudi Arabia’s Public Investment Fund. Her time there was successful, with the club qualifying for the European Champions League in 2023 after a 20-year wait.
Despite being relegated to the second tier of English football, West Ham remains a solidly supported club, selling around 50,000 season tickets for the upcoming season. Staveley’s agreement throws the future ownership of the club into doubt and may put on hold plans Kretinsky had to overhaul West Ham’s fortunes and return it to the Premier League.
He is considering making a roughly £100 million loan to help the club buy new players, Bloomberg reported in July.
(Updates with West Ham statement in sixth paragraph.)
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