American billionaire Tripp Smith buys 10 per cent stake in West Ham and will take a seat on the board
Businessman Smith heads the Blackstone private equity firm but invests his own money into Hammers as he ventures in to Premier League football
AMERICAN billionaire Tripp Smith has bought a ten per cent stake in West Ham.
The asset manager has become a minority owner of the Hammers - becoming the latest businessman from the US to invest in the Premier League.
Smith, 52, is currently the senior managing director of the Blackstone private equity firm and also co-founded the GSO Capital Partners asset management group.
But he used his own personal money to take a ten per sent stake in West Ham from CB Holding, the Icelandic group who the shares passed to when the former owners from the country went bust in the financial meltdown in 2009.
The purchase means Smith has become a director of West Ham's parent company, with Icelandic director Daniel Svanstrom leaving his role.
Though Smith has made a sizeable investment, there is no suggestion he is planning to make a full buy-out of the Hammers from co-owners David Gold and David Sullivan.
Gold and Sullivan retain their controlling interest in the club and will continue to make the majority of key decisions at the London Stadium.
And under the terms of the leasing agreement which saw them move into the old Olympic Stadium, Gold and Sullivan are prevented from selling the club for another four years at least.
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The stipulation was inserted into the deal to ensure the owners did not cash in on the move to the new ground on favourable terms by selling up to overseas investors.
Smith's move into football sees West Ham become the sixth club in the Premier League to have some kind of investment from across the Atlantic.
Manchester United, Arsenal, Liverpool, Swansea and Crystal Palace are all under the control of American companies or individuals.