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West Ham United’s co-chairman, David Sullivan, has resigned from his post with immediate effect after learning that what he described as “factually incorrect and completely false, decades-old allegations” were about to be made public.

The 77-year-old entrepreneur has also stepped down as a director of WH Holding Limited and West Ham United, who were relegated from the Premier League on the final day of the season.

In a detailed personal statement, Sullivan said he had recently been informed that “factually incorrect and entirely false, decades-old allegations” regarding his personal life were scheduled to be aired and published.

“The false accusations made against me have been sensationalised by the media,” Sullivan stated.

“Having spent a lifetime developing businesses in the adult entertainment industry and meeting thousands of women in the process, it is sadly unsurprising that a few claims of inappropriate conduct have been made against me.

“I categorically deny these allegations.”

Sullivan further confirmed that he intends to take legal action against the BBC for defamation, as well as against any media organisation that “repeats any libellous statements.”

Reuters has reached out to the BBC seeking a response.

The club clarified that none of the allegations are connected to West Ham United or any of its operations.

“Interim Chief Executive Officer Karim Virani, reporting directly to the current Board of Directors, will continue to oversee the club’s day-to-day management,” West Ham said in a statement.

“An update regarding the future composition of the Board of Directors will be shared in due course.”

Sullivan acknowledged that stepping down was “an incredibly painful decision” but one he felt was essential.

“None of these allegations have any relation to my over 30 years in football; West Ham United has been one of the greatest passions and honours of my life,” he added.

“I care deeply about this club, its fans, players, staff, and its future.

“At a time that is already both critical and demanding for the club, I cannot allow personal matters concerning me to become a distraction or cause any instability.”

Following their relegation, West Ham United will compete in the second-tier Championship next season for the first time since 2011–12.

“I am stepping down to devote my full focus and energy to challenging these false claims,” Sullivan said.

“I have formally appointed my legal team, and we are preparing to initiate legal proceedings in response to each and every false allegation made against me.

“I will seek complete vindication, both legally and publicly, on every possible front.”