New West Ham shareholder Kretinsky has buy out option agreed with current owners

West Ham shareholder Daniel Kretinsky has an option in place to complete a full takeover of the club.

The Czech billionaire purchased a 27 per cent stake in the Hammers earlier this month and can take full control, having already agreed a set price with David Sullivan and David Gold, who currently own the controlling shares.

The Evening Standard claim to have seen documents submitted to Companies House which confirm the agreement.

Kretinsky is not obliged to complete the takeover and the agreement with Sullivan and Gold will only exist for a limited period.

The agreement is not thought to expire anytime soon, however, meaning the current owners can't up the price if West Ham qualify for the Champions League.

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The Hammers have not disclosed the alleged time limit on the deal, although Sullivan and Gold will need to pay a fee if the club is sold before March 2023, as per an agreement.

The current owners must give 20 per cent of profits to the ground's landlord - the London Legacy Development Corporation - if they sell the club for more than £300million.

Kretinsky is thought to value the club between £600m and £700m, while Sullivan and Gold reportedly rejected an offer of £350m from a mystery US consortium in September 2020.

Due to West Ham qualifying for the Europa League last season and their saleable assets - including £100m-rated midfielder Declan Rice - their valuation has increased significantly during the last 14 months.

Kretinsky is the CEO and majority owner of EPH - the largest energy company in central Europe - and is thought to be worth around £2.9billion.

He also holds a 40 per cent share in Czech outfit Sparta Prague, who have won multiple titles and competed in the Champions League during his time at the club.

Writing in the Evening Standard last week, Kretinsky set out his plans for steady progress and refused to spend big in January.

Significant investment in the upcoming transfer window could help West Ham secure Champions League qualification for the first time in their history.

"We have come to support the club but — so as to manage supporters' expectations — that doesn't mean big spending in the January transfer window," insisted Kretinsky.

"I'm hugely impressed by the work of David Moyes and his team who have improved results over a long period of time.

"This gradual evolution is, in my opinion, the most healthy way to build a strong club on a firm basis and with the right attitudes and culture.

"I speak from experience. We tried to rush the development of Sparta Prague a couple of years ago and the results were disappointing.

"Improving the quality of the squad is great, of course, but we prefer a gradual way that preserves and protects the ethos of the club and its values, including team spirit."