Concerns at West Ham, but it's a long old season

West Ham are not facing an immediate crisis, but the financial imperative of returning to the Premier League at the first attempt is becoming apparent. The club lost £104.2million on a revenue of £227.5million in the 2024-25 financial year, while employment costs climbed to £175.9million, a club-record high. The club’s own accounts had already warned that a liquidity shortfall was forecast in summer 2026, even before the “severe but plausible” scenario of relegation was considered.

Kieran Maguire, the football finance guru, estimates West Ham face a £100million-plus reduction in annual revenue as a result of relegation. He calculates that broadcasting income could fall from about £132million to £45million, with commercial income also potentially falling sharply.

The most eye-catching number attached to West Ham’s most recent financial accounts is the almost £195.8 million owed to other clubs in player-related transfer payments, but this does not necessarily represent an immediate cash bill. Maguire believes the club can manage much of those commitments through money they are due from other clubs, as well as by bringing forward future transfer receipts. The club have been able to generate substantial headline transfer income this summer, including the sales of Fernandes to Spurs for a reported £85million and Crysencio Summerville to Al-Hilal in a deal worth up to £60million. 

The more pressing question, in his view, is what replaces the Premier League revenue that has now disappeared. West Ham’s accounts already showed the scale of the problem before relegation. Their £104.2million loss was the second-largest reported in the top flight for 2024-25.

Now the club are navigating that financial squeeze while their ownership is being contested. Amanda Staveley’s consortium has agreed a reported £150m deal for 25.1 per cent of West Ham, although the transaction remains subject to pre-emption rights and regulatory approval. Daniel Kretinsky, who already owns a substantial stake, is attempting to protect his position.

For West Ham’s financial future, however, the more important question is not simply who owns what percentage, but who is putting money into the club. Buying existing shares does not necessarily provide West Ham with new working capital. Maguire believes uncertainty over who will ultimately control the club could make additional funding more difficult, increasing the pressure on West Ham to generate cash through player sales.

For now, West Ham have the protection of parachute payments and the ability to generate significant sums through player sales. But the financial equation becomes considerably less favourable if they remain in the Championship beyond this season. In the first year of parachute payments, West Ham will receive 55 per cent of the Premier League’s equal-share broadcast revenue, estimated to be £55million, before the share drops to 45 per cent in the second season and 20 per cent in the third. The longer the club stay outside the top flight, the greater the pressure to sell rather than buy.

The London Stadium also provides another complication. The club’s 99-year concession provided remarkably cheap rent of about £4.6m a year before relegation, with that figure falling by roughly half because of a relegation clause. It is a favourable deal for West Ham, but a lack of ownership of the ground means the club leave potential revenue on the table.

The comparison with Spurs

West Ham do not control the venue in the way that Tottenham Hotspur control their ground, limiting their ability to exploit non-match day commercial opportunities.   The Haringey club did consider a move to the London Stadium.   “West Ham won’t be in a position under the current relationship to sweat the asset in the way that we’ve seen at Spurs,” Maguire told The Times.

Spurs, who are considered by many in the industry as leaders in this respect, generated £277.1 million in commercial and other income in 2024-25, including revenue from sponsorship, merchandising, stadium events, visitor attractions and conferences. West Ham’s commercial revenue was £42 million, with a further £13.6 million from retail. While the comparison is not like-for-like, it illustrates the scale of the commercial operation that a club can build around a stadium they control.

Some supporters have expressed greater confidence in Kretinsky, while some favoured Staveley’s group because of her previous involvement with Newcastle United.

Another season in the Championship would mean a further reduction in parachute payments, another year without Premier League broadcasting revenue and greater pressure to sell players to bridge the gap. At a club already navigating an ownership transition, the question is becoming increasingly difficult to avoid: if West Ham do not get back up, who will pay the price?   It should be emphasised that there is a long way to go and it is possible to quickly recover from a stuttering start.  It is, as one time manager Alan Curbishley used to say, a long old season.

One fan commented, ‘The fans, match going fans not armchair fans, paid the ultimate price when Upton Park was demolished. I think this every home game when queueing for "security" before queueing to get through the turnstiles, after my 20 minute walk from the station. I thought it again on Saturday, when held for over 10 minutes at Stratford International due to volume of people trying to get home. " A world class stadium with world class transport links", that is the [apparent falsehood] we were sold by Sullivan Brady and Gold.’