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Staveley watches West Ham win amid ownership saga

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Prospective West Ham United owner Amanda Staveley was at London Stadium on Tuesday night to watch the 4-2 Championship victory against Wolves.

Staveley was invited to the game by co-chair Vanessa Gold as the deadline approaches for offers to be made by current directors for her 25.1% stake in the club.

In July, it was confirmed Gold had reached an agreement to sell her entire stake to Staveley, which valued the club at £600m. Gold had previously agreed a deal with the Hammers' other co-chair Daniel Kretinsky to sell part of it.

Under the current pre-emption rights ownership structure at West Ham, any deal agreed with an external investor has to be offered to current significant shareholders on a pro-rata basis on the same terms.

Existing shareholders are given first refusal, and then offered the chance to buy any remaining shares subject to a further deadline.

The initial 30-day deadline to take up the offer passes this week and it is not clear how the situation will play out.

West Ham's majority shareholder is David Sullivan, who has a 38.8% stake. Sullivan stood down as co-chair in June. He said he intended to fight allegations made against him in a joint BBC Panorama and Times investigation.

Kretinsky owns 27%, but last month said he was selling just over 2% of his stake to Czech businessman Jakub Havrlant.

This is potentially crucial as it would allow him to buy all of Gold's shares without pushing him over a 50% shareholding. This would trigger another clause, forcing him to make an automatic offer for the rest of the club on unfavourable terms.

However, it is also uncertain whether Kretinsky's own share sale could be subject to a legal challenge, given it allows him to avoid buying the entire club.

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