Historically, Daniel Kretinsky has kept a low profile despite being one of Europe’s richest investors. But with a plan to increase his stake in West Ham, the billionaire appears to be changing the narrative.
That is the view of football finance academic and Price of Football podcast host Kieran Maguire, speaking exclusively to Hammers News about the future of the club in the post-Karren Brady era.
Brady resigned with immediate effect last week, with Nathan Thompson having also earlier left the board of directors at the London Stadium. On Wednesday, Karim Virani was announced as West Ham’s new interim CEO, re-joining the club where he was once in charge of commercial operations after executive stints at Rangers and Hashtag United.
Meanwhile, reports suggest that Kretinsky is ready to up his stake in the club to around 40 per cent, buying a chunk of shares from Vanessa Gold in a move that would see him match David Sullivan’s equity. The timing, with the Irons in a relegation dogfight, is curious to say the least.
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The news comes four-and-a-half years on from the deal which saw Kretinsky buy a 27 per cent stake in a deal worth up to £200m. At the time, rumours were abound suggesting that the Czech investor had a full takeover in the crosshairs, but he has since been content to take a backseat.
But with Kretinsky now set to become one of three West Ham chairs alongside Gold and Sullivan, is the man known as the ‘Czech Sphinx’ for his inscrutable approach to business changing his approach?
Daniel Kretinsky changing his approach to business, says Kieran Maguire
Kretinsky has piled his chips high on UK businesses in recent years. He is one of the biggest shareholders in supermarket Sainsbury’s and, as of last summer, he is the largest single shareholder of the Royal Mail.
Historically, Kretinsky has stuck to less glamorous, lower-profile industries, albeit phenomenally lucrative ones, like utilities and petrochemicals.
But his moves in the UK market, his decision to pen op-eds for the likes of The Economist and his involvement in the Royal Mail, which recently saw him hauled in front of a Parliamentary select committee, may suggest a change of tack.
“Historically, Kretinsky has always preferred to be a minority shareholder and has shunned the limelight,” says Maguire.
“At the same time, however, when you look at the boardroom changes at West Ham, it’s not just Karren Brady who is going. This is the area that is very intriguing – you want the captain on deck, and who actually is the captain at West Ham now?
“Could it be that Kretinsky wanted someone who represented both his faction and Sullivan’s equally and that is why Brady has gone? I think Kretinsky’s voice will be a bit louder from now on.
“Maybe as part of his re-branding, he wants to have a higher-profile involvement with West Ham. With Karren Brady still there, he might not get that credit if and when success materialises.”
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