David Sullivan has resigned as co-chairman of West Ham United with immediate effect after becoming aware of what he described as “factually incorrect and entirely false” allegations about his personal life that are set to be published.

The 77-year-old businessman also stepped down as a director of WH Holding Limited and West Ham, ending a long association with the club at a time when the Hammers are preparing for life in the Championship following their relegation from the Premier League.

In a lengthy statement, Sullivan said the allegations, which he claimed date back decades, have been sensationalised by the media.

“The false allegations levelled against me have been sensationalised by the media,” he said. “After a lifetime spent building businesses in the adult industry in which I have met thousands of women, it is sadly inevitable that a small number of improper conduct claims are being made against me.

“I categorically deny these claims.”

Sullivan also announced plans to sue the BBC for libel, as well as any other media organisation that repeats what he described as defamatory allegations.

West Ham emphasised that the allegations are unrelated to the football club or any of its activities.

The club confirmed that interim Chief Executive Officer Karim Virani will continue to oversee day-to-day operations while the board considers its future structure.

Sullivan described his decision to resign as “incredibly painful” but necessary to avoid becoming a distraction during a challenging period for the club.

“None of these allegations relate to my more than 30 years in football; West Ham United has been one of the greatest passions and privileges of my life,” he said.

“I care deeply about the club, its supporters, its players, its staff, and its future.

“At what is already a challenging and important time for the club, I refuse to allow personal matters concerning me to become an unnecessary distraction or a source of instability.”

The former co-chairman said he would now dedicate his full attention to fighting the allegations and pursuing legal action.

“I am stepping down to apply my full energy and attention on fighting these false allegations,” Sullivan added.

“I have officially engaged my legal team and we are preparing to issue legal proceedings in respect of each and every false complaint that has been made against me.

“I will be seeking full redress, legally and publicly, on every single front.”

West Ham will compete in the Championship next season for the first time since the 2011/12 campaign following their relegation from the Premier League on the final day of the season.

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