After David Gold’s passing in January 2023, his business partner and co-owner became West Ham’s largest shareholder. Below we take a look at David Sullivan’s net worth, and how his colourful past has helped him to become one of Britain’s wealthiest businessmen.
David Sullivan Background
Rival Premier League fans often send jibes at West Ham, claiming their club is built on ‘porn money.’
That is at least partly true, since business partners David Sullivan and the late David Gold originally made their money by building a pornography empire.
Sullivan and Gold controlled 50% of the entire UK adult magazine market by the mid-to-late 1970’s, overseeing the publication of iconic titles such as Playboy. According to Great British Life, Sullivan’s early business venture into porn made him a millionaire by the time he was in his mid 20’s.
Although chiefly known for his endeavours in the adult film industry, the Cardiff-born billionaire also owns a property investment company called Conegate, which made just over £7 million in revenue according to its filing report in 2021.
David Sullivan Net Worth and Assets
The Sunday Times Rich List in 2019 declared David Sullivan’s net worth to be £1.2 billion, although it is thought that this figure has risen to as much as £1.5 billion in the four years since that report was published.
That is largely maintained by being the controlling shareholder of one of England’s most iconic clubs – West Ham – whose value is estimated to be just over £300 million according to Deloitte, ranking them 15th among the richest football clubs in the world. Forbes also report the Hammers have an operating income of little under £100m.
As well as this, Sullivan’s property investment empire is estimated to be worth around £500 million, which only adds to the vast sums he earned in his formative years in the pornography industry.
David Sullivan – West Ham Owner and Formerly of Birmingham City
There is no doubting David Sullivan’s most widely recognised role has been as co-owner of West Ham, overseeing some of their most successful years in the club’s history.
However, his venture into football ownership predates his arrival in East London. Almost two decades prior to his Hammers acquisition, Sullivan, along with David Gold and his brother Ralph Gold, secured an 80% stake at Birmingham City in 1993.
Under their stewardship, the Blues gained promotion to the Premier League in their ninth year, staying put in the top-flight until relegation in 2006/07. That also signalled the end for Sullivan and Gold, with the former citing a ‘killer journey’ to Birmingham as one of the main drivers behind the sale.
Three years later the pair were back in football, acquiring an initial 50% stake at West Ham which grew to 60% within just five months.
Sullivan would later increase his stake in the club by 25% in the summer of 2013, becoming the largest shareholder at West Ham where he remains today.
The club was valued at around £105 million when Sullivan and Gold took over at the helm – it is now worth £300 million, as mentioned.
David Sullivan Controversies
Although recent success in the Europa Conference League finally brought an end to a 43-year trophy drought, much of Sullivan’s reign at West Ham has been underpinned by disgruntled fans and underwhelming performances.
The most tumultuous period of Sullivan’s ownership came in 2018, where fans at the London Stadium invaded the pitch on four occasions to protest the owners – Mark Noble famously confronted one of them on the centre circle.
Sullivan himself was hit by one of 30 coins thrown by a particularly impassioned group of fans, and the business tycoon was forced to be removed before the end of the 3-0 defeat for his own safety.
Just four days later, HMRC ruled Sullivan had used West Ham to subvert £700,000 in tax for his his property business Conegate. Sullivan used the business to purchase £2m worth of shares in the holding company that owns West Ham.
Sullivan also served 71 days in prison in the early 1980’s, after being found guilty of ‘living off immoral earnings of prostitutes.’
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