West Ham shareholder Tripp Smith has no intention of selling his 8% Hammers shareholding to Daniel Kretinsky believing the directors option undervalues the club.
Smith bought his initial 10% shareholding from the Icelandic bank for around £10.5m also loaning the club £9.5m interest free as part of the deal.
In the pandemic he invested another £3m in a £30m rights issue to inject cash into the club taking his total investment to £24m.
Another rights issue last year saw his shareholding reduce from 10% to 8% as Daniel Kretinsky invested into the club. That triggered the repayment of his £9.5m loan taking his investment back to £13.5m.
Under the terms of that agreement his shares could be sold to other share holders at £50m giving him £36.5m profit of which he would need to pay 20% capital gains tax costing him £7.3m.
Smith privately believes West Ham could be worth as much as a billion pounds one day valuing his stake at £80m. That price tag would give him £66.5m profit on his investment or just over £53m after capital gains tax.