The family of the late businessman David Gold have announced they will sell a portion of their stake in English soccer club West Ham United.
His daughter and West Ham joint-chair Vanessa Gold confirmed the plan yesterday, with up to 10% of the Premier League club understood to be up for sale.
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She is working with financial advisory group Rothschild to sell a slice of her family trust's 25% stake.
In a statement, she said: “I would consider selling a proportion of our shares to the right partner. I have spoken to each of the other three major shareholders at West Ham United, David Sullivan, Daniel Kretinsky, and Tripp Smith, who have been very supportive.
“Any transaction to purchase some of our shares will be with my father’s legacy at the forefront of my mind which, of course, prioritizes his beloved West Ham United.
“I have appointed Rothschild & Co to advise us on any discussions and will keep the other shareholders, the club and our supporters updated on any significant developments.”
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By GlobalDataIn November 2021, Czech billionaire Kretinsky acquired a 27% stake in West Ham under a deal that included an option of a full takeover.
It is understood that Kretinsky is considering taking a majority stake in the future.
That deal valued the club in the region of £600 million ($728.4 million).
Sullivan presently owns just under 39% while financier Tripp Smith holds 8%. David Gold, who was joint chair of West Ham, died in January aged 86.
According to Sky News, several sports investment funds that focus on owning minority stakes are expected to be interested in buying a share of about 10% in the East London-based club.
Interest in owning Premier League clubs is significantly high given the lucrative nature of the competition.
UK billionaire Sir Jim Ratcliffe, owner of petrochemical giant Ineos, is expected to soon conclude a deal with the Glazer family to acquire a 25% stake in Manchester United.
Meanwhile, in September, Liverpool announced that Dynasty Equity, a US-based private equity firm, had purchased a minority stake in the club.
Private equity group 777 Partners has also agreed a deal to acquire Everton, although the takeover is yet to receive regulatory approval.
The increased interest in top-flight English clubs comes as the league is negotiating the sale of its next cycle of domestic media rights.
The Premier League recently announced it had issued invitations to tender for domestic rights for four seasons until 2028-29 and will significantly increase the number of live matches to 270.
The league expects an increase on the £4.8 billion it receives in its present three-year deals with pay-TV broadcasters Sky and TNT Sports (formerly BT Sport) and retail giant Amazon.
