Amanda Staveley has reportedly seen an offer worth around £300million for David Sullivan’s West Ham United stake rejected, with the former chairman holding out for an even higher price.
The ownership battle at the London Stadium has intensified rapidly since Staveley’s consortium agreed terms to purchase the Gold family’s 25.1 per cent holding.
ReadWestHam reported on Wednesday that Staveley had also approached Sullivan over his entire 38.8 per cent stake. That report valued the initial approach on similar terms to the Gold deal, potentially giving Staveley a route towards majority control.
There has now been a significant development.
Hammers News reports, citing journalist Alan Nixon, that Staveley is discussing figures in the region of £300m for Sullivan’s holding, but the 77-year-old has rejected the proposal and wants more.
West Ham takeover battle takes another twist
Sullivan retains 38.8 per cent of West Ham despite stepping down from his board positions earlier this summer.
A £300m valuation for that holding would value the entire club at roughly £773m. Nixon claims Sullivan is playing hardball and wants a larger return before agreeing to end his long association with the Hammers.
That complicates Staveley’s route towards control.
Her consortium has already agreed a deal believed to be worth between £150m and £160m for Vanessa Gold’s 25.1 per cent stake. Existing shareholders retain pre-emption rights over those shares, with Daniel Kretinsky attempting to position himself to increase his own influence.
Buying both Gold and Sullivan’s holdings would give Staveley control of almost 64 per cent of West Ham, but doing so could now require an investment approaching half a billion pounds before any additional spending on the club itself.
The timing is particularly interesting after another major development surrounding West Ham’s long-term future.
ReadWestHam reported on Wednesday night that Sadiq Khan’s office is open to discussions over West Ham potentially buying the London Stadium. There are no negotiations at present, but ownership of the stadium could significantly alter the club’s long-term valuation.
Staveley has not yet secured any West Ham shares, while Kretinsky still has the opportunity to intervene in the Gold transaction.
Sullivan’s latest stance adds another obstacle.
What began as an attempt to buy a minority stake is increasingly developing into a battle over who could ultimately control West Ham.
