West Ham United confirmed on Saturday evening that Joint-Chair Vanessa Gold has reached a provisional agreement to sell her family's shares to a consortium of PCP Capital Partners, led by Amanda Staveley and Mehrdad Ghodoussi, in partnership with Ashland Forest Capital Partners.
The proposed sale of a 25.1 per cent stake marks Staveley's return to English football two years after leaving Newcastle United, where she spearheaded Saudi Arabia's Public Investment Fund acquisition of the club. She stepped down as a director in 2024 after the club played in the Champions League and won the Carabao Cup under her stewardship.
Pre-emption process begins
In a statement, the east London club confirmed the transaction will be subject to a pre-emption rights process. This gives existing shareholders the opportunity to acquire their proportional percentage of shares in round one, and any remaining shares in round two.
"This process will take approximately two months and, until it is completed, nothing will change regarding the ownership structure of the Club," the statement said. "West Ham United would like to assure supporters that the day-to-day running of the football club is in no way affected by this situation."
The club added that preparations for the new season continue with diligence and focus, and made no further comment while the pre-emption process runs its course.
Battle for control
The agreement comes after an earlier deal was reached between the family of David Gold and Royal Mail owner Daniel Kretinsky for the Czech to buy a 16 per cent stake in the club. It now appears Staveley's consortium offered more to buy the full stake.
West Ham co-chairman David Sullivan resigned just weeks ago following allegations of sexual abuse from a Times and BBC Panorama investigation. He has denied the allegations. To take full control of the Hammers, Staveley or Kretinsky will need to buy Sullivan's 38.8 per cent stake.
Kretinsky reviews options
Kretinsky, who retains a 27 per cent holding in the club, reacted through a spokesperson. "The agreement we had reached with the Gold family in June provided stability for the club at a crucial time. This does the opposite. 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 spokesperson told The Times.
Vanessa Gold said: "On the 12th of June Daniel Kretinsky and I agreed a sale that would have made EP Group the single largest shareholder in West Ham. Unfortunately, since that time the original deal and other alternatives that we have discussed could not be brought to fruition. In light of this, I have now reached an agreement to sell my family's shareholding to a consortium of PCP Capital Partners, led my Amanda Staeley and Mehrdad Ghodoussi, in partnership with Ashland Forest Capital Partners. While the process has not yet concluded, I wanted to be open with our fans about where things stand and my intentions."
"My ambition throughout this process has been to ensure the club has the right leadership and ownership to enable West Ham to achieve its potential and return to its rightful place in the Premier League."
Championship challenge
West Ham were relegated to the Championship at the end of last season. They begin their campaign for an instant return on Sunday, August 15, when they travel to face fellow relegated side Burnley at Turf Moor.
The club has yet to bring in any new signings during the transfer window, but has raised approximately £155m from the combined sales of Mateus Fernandes and Crysencio Summerville, while retaining Jarrod Bowen at the London Stadium.
