PREMIER - Czech billionaire buys minor stake in West Ham United

West Ham United announced on Wednesday that Czech billionaire Daniel Kretinsky had finalized his purchase of a 27 percent ownership in the Premier League team.

Kretinsky and his colleague Pavel Horsky will join joint-chairmen David Sullivan and David Gold, as well as vice-chair Karren Brady, on the board of the London Stadium, West Ham announced in a statement.

The deal would help the London club decrease long-term debt and maintain its "good trajectory" in recent years, according to the club.

"On behalf of the board, I am very pleased to welcome Daniel Kretinsky, Pavel Horsky and (investment group) 1890s holdings a.s to West Ham United," said Brady.

"We are always looking to continue to progress and Daniel's involvement brings investment which strengthens the club's position and in turn will assist in the development of the club's key areas of focus.

"David Sullivan and David Gold have always been very open about finding the right investors to join them on the journey as custodians of West Ham United and Daniel's strong business acumen and football experience will be of huge benefit to the club."

Kretinsky also stated that:

"I am passionate about football," he said. "I greatly appreciate and respect the exceptional history and tradition of West Ham United as well as its loyal and passionate supporter base and also the highly inspiring role it plays in many social programmes and initiatives.

"The development and growth of the club in recent years has been clear for everyone to see and I am delighted to be part of what I believe is a very exciting future ahead."