West Ham: David Sullivan and Daniel Kretinsky have made ‘odd’ decision buying more shares amid relegation fears
West Ham United co-owners David Sullivan and Daniel Kretinsky have made an “odd” decision to increase their stakes at this point in the season.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the Hammers’ valuation will drop significantly if they are relegated from the Premier League, with Nuno Espirito Santo’s side sitting 17th in the table.
Sullivan is West Ham’s largest shareholder with a 38.8 per cent stake, while Kretinsky owns 27 per cent and the Gold family’s share is worth 25.1 per cent.
However, it is understood Sullivan and Kretinsky are set to purchase some of the Gold family’s shares to become equal partners at the London Stadium.
That isn’t the only change to West Ham’s leadership after key exits have been confirmed in east London.
How West Ham deal will 'simplify' ownership structure
It was announced last week Karren Brady has stepped down from her role as West Ham’s vice-chair.
Meanwhile, executive director Nathan Thompson has also left the London Stadium and chief finance officer Andy Mollett is set to depart at the end of the season.
| Financial Metric | 2023-24 | 2024-25 |
| Total Revenue | £270m | £228m |
| Commercial Revenue | £58m | £56m |
| Profit/Loss | £57m | -£104m |
Speaking exclusively to Football Insider, Borson discussed what Sullivan and Kretinsky buying more shares means for West Ham moving forward.
“It will probably simplify things actually, just because three becomes two,” said Borson.
“I would say they're not natural bedfellows, so they've got some issues there. All of it right now is pretty much irrelevant. They've got to just focus on trying to stay in the Premier League. That's the biggest thing that they're focused on.
“Who owns the club is just a different issue really going forward. It also massively changes the value of the club.”
Why West Ham's valuation will drop significantly after relegation
Borson questioned Sullivan and Kretinsky’s decision to invest further in West Ham given their place in the Premier League.
“It seems odd that either of them would buy the shares at this point because the valuation of the club is day and night after relegation,” said Borson.
“We know that with the best will in the world, things can go wrong in the Championship. We've seen it.
“You only have to look at Leicester to know that you can still have the biggest wage bill, you can still have what looks like a Premier League squad in the Championship, and you can still get relegated.
“Of course, if West Ham go from this season into a bad season next season, then all bets are off in terms of what it's worth. That's the surprising bit, but it probably simplifies things rather than complicates matters.”