Two leading West Ham shareholders have responded to allegations involving David Sullivan after finalizing terms that will elevate Daniel Kretinsky to the position of majority owner.

Kretinsky and Vanessa Gold voiced deep concern following a joint BBC Panorama and Times report detailing claims of sexually exploitative conduct against Sullivan.

Under the new arrangement Kretinsky will increase his holding from 27 percent to 43 percent, surpassing Sullivan's 38.8 percent stake.

"Our thoughts go out to those women who have fought so hard to make their voices heard," the pair stated.

"Any abuse of power is abhorrent, and it takes great courage and determination to speak up against it."

Sullivan, aged 77, has firmly rejected the accusations that cover the era in which he built wealth through adult entertainment, publishing and football interests.

The co-chairs noted that the full board learned of the allegations against Sullivan only about a month earlier, though complete details emerged only after the report became public on Monday.

Sullivan has already been restricted from contact with the women's and youth squads for three years due to safeguarding issues.

Kretinsky and Gold added that board members representing other shareholders were informed this week of the safeguarding steps implemented since 2023.

The club must manage the fallout from the investigation while pursuing an immediate return to the Premier League following relegation in 2012.

"As shareholders and directors of West Ham, our focus is now firmly on protecting the future of this football club," they said.

"As such, we have reached agreement on the key terms of a share purchase transaction between the Gold family and 1890 Holdings, which, subject to other shareholders' pre-emption rights and necessary approvals, would make 1890 Holdings (part of the broader group EP) the largest shareholder in West Ham with an approximately 43 percent stake."

"As the largest shareholder, group EP will be able to provide the additional financing the club needs."

Kretinsky, who acquired his initial stake in November 2021, and Gold, daughter of Sullivan's former business partner David Gold, confirmed that fellow investors Tripp Smith, Daniel Harris and Terry Brown support their plans.

"We are taking these steps because West Ham needs to be truly united at this moment in its history," they said.

"We expect to finalise this transaction in the next couple of weeks."

"Once the agreement is complete, group EP and the Gold family have also agreed to vote jointly on key matters and to support the strategy targeting an immediate return to the Premier League."

Manager Nuno Espirito Santo has committed to staying on despite relegation and aims to repeat the promotion success he achieved with Wolves in 2018.

The effect of the ownership change on the squad remains unclear.

West Ham recorded a loss of 104.2 million pounds in the year to 31 May 2025 and face another large deficit ahead.

Several key players are expected to depart, among them midfielder Mateus Fernandes who has drawn interest from Manchester United, although the asking price of around 80 million pounds may prove prohibitive.

Kretinsky's resources, including his stake in Sainsbury's, position him to supply funds, and together with Gold he aims for swift promotion.

The pair also seek to improve ties with supporters who have protested repeatedly against Sullivan and former vice-chair Karren Brady.

"Our goal is to stabilise West Ham, retain as many of our key players as possible and, under the management of Nuno Espirito Santo, secure an immediate return to the Premier League," the statement continued.

"We are also committed to engaging with our fans and all business partners to build a stronger future for our club."

"We believe that a strong coalition of fans, players, management and the board is essential to securing the bright future this club deserves. We are absolutely committed to playing our part."