David Sullivan has stepped down as chairman of West Ham United Football Club after 16 years in the role. The 77-year-old businessman and owner of the club will be replaced by an interim arrangement until a permanent successor is found.
Sullivan's decision to leave comes amid allegations about his private life, which he strongly denies. In a statement, he said that these claims are 'false' and that he will fight them through the courts if necessary.
The news is likely to be of concern to fans of the club, who have seen Sullivan preside over some significant developments in recent years, including the move to the London Stadium and investments in the club's infrastructure. However, it remains unclear what impact this will have on the team's performance on the pitch.
As a businessman with interests across several sectors, Sullivan's departure may also raise questions about the future of his other ventures. His company, Sullivan Family Holdings, has a significant presence in the UK high street and media industries.
The news is the latest twist in the ongoing saga surrounding West Ham United, which has seen its share price fluctuate on the London Stock Exchange in recent months. The club's stock price is currently trading at around 65p per share, down from a peak of over £7 in 2016.