There has been significant speculation about West Ham’s ownership structure, and one plausible scenario will need to be addressed in the coming days.
The 31st May is officially the end of West Ham’s financial year, though the club can extend this to 30th June, a common year-end for many football clubs.
These dates are important, as West Ham ideally need a cash injection to offset significant losses, and it gives credibility to why [Daniel Křetínský](https://www.claretandhugh.info/breaking-west-ham-keep-nuno-as-kretinsky-wins-sullivan-power-battle/) has become more involved in recent footballing decisions.
West Ham Facing Pressure Under New Financial Rules
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West Ham lost £104m in 2024/25 and will inevitably face additional losses during 2025/26.
With SCR (Squad Cost Ratio) replacing PSR (Profitability & Sustainability Rules), the clock is ticking down for West Ham shareholders to add £90m, as going forward, based on Championship rules, this will be limited to £15m per season, or an equity top-up of £33m over three seasons.
The Premier League SCR is a season-by-season spending cap, which West Ham hope they will participate in again after next season.
Daniel Křetínský’s Role Increasing Behind The Scenes
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Some media outlets have claimed that Křetínský has been “quietly increasing his shareholding”, yet Companies House still confirms that 1890 Holdings owns 27%, with [David Sullivan](https://www.claretandhugh.info/david-sullivan-bio/) holding 38.8%.
However, Křetínský has now been named as “Joint Chairman”, and the last confirmation statement was filed on 21st January 2026, which only needs updating by 20th January 2027.
It was commonly thought that Křetínský and Sullivan would purchase shares from Vanessa Gold, yet all this would do in practice is change who owns the club, rather than address the liabilities.
The club can instead issue new shares, with owners buying them in agreed proportions, effectively creating “secure funding” under PSR regulations.
West Ham Could Face Major Shareholding Shift
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Based on this, depending on participation, it suggests Křetínský could increase his holding while diluting other shareholders.
If he ultimately invested the full £90m for perhaps 20%, without acquiring Gold’s shares, he would become the majority shareholder.
The most likely outcome is Křetínský increasing his holding to 40%, with Sullivan raising his by 1.1% to also sit at 40%.
Another possible route for the club is offloading players before the cut-off date. Extending the deadline to 30th June would support that approach, which is interestingly when several player contracts are due to expire.
Mateus Fernandes could fetch a significant transfer fee, with a number of clubs reportedly interested in the Portuguese midfielder.
If none of this happens, supporters will understandably be wondering what Plan B is.