WITH 60,000 crowds, three European campaigns and a major trophy under their belt, you would think West Ham United would be in reasonable shape right now, but there are clearly issues beyond the dissatisfaction of the fans over the club’s ownership. In 2024-25, West Ham made a pre-tax loss of £ 104.2 million, that’s a negative shift of over £ 160 million in a year – in 2023-24, they made a profit of £ 57.2 million. How did this happen? There are a number of factors to consider, not least the apparent lack of stability at the club. Current manager Nuno Espirito Santo was appointed in September 2025 and has been in charge for 24 games and has a won 29% of them. His predecessors were in the job for short terms, Graham Potter had 25 games in eight months (24% win rate) and Julen Lopetegui lasted 22 games and just half a year (32%). Nobody seems able to stay in the job long enough to nurture success and the club simply cannot attract a change agent of a coach.
**_Pictured: Despite scoring twice at Anfield, West Ham suffered their 15th defeat in 28 games._**
This season, West Ham have barely got going and have won six of their 28 games. Relegation, the words Premier League chairmen dread, is becoming a distinct possibility. It could be argued that, by historic performance, West Ham have outstayed their welcome in the Premier their average timespan in the top flight is around 10 years and the current campaign is their 14th consecutive season at this level. However, a lot has changed since West Ham were last relegated and the prospect of falling through the trapdoor can become a major disruptor for a club’s financial position.
It is the possibility of going down that is sending alarm bells ringing in Stratford, East London. Relegation could not come at a worse time, for the Hammers’ loss of £ 104 million is the highest in their history. Revenues were down by 15% to £ 227.6 million in 2024-25, a reflection of the loss of European football after three successful years (a quarter-final, a semi-final and a trophy), less success in player-trading (down by 79%) and a 9% increase in wages that equates to 67% of income and an average weekly wage of £82,000. The club’s overall expenses increased by £ 14 million. Furthermore, West Ham spent £ 132 million on squad reinforcements, including Max Kilman (Wolves, £ 40 million), Niclas Füllkrug (Dortmund, £ 27 million), Luis Guilherme (Palmeiras, £ 25 million) and Crysencio Summerville (Leeds United, £ 25 million). Add all these factors together and the alarming drop in profitability is more understandable.
There are concerns there may be some liquidity issues as they seem low on cash, but the club does have a £ 40 million overdraft with Barclays Bank and has agreed a long-term financing facility of £ 124 million with Rights & Media Funding Limited.
Supporters of the club had been concerned there could be PSR issues developing, but player sales and fresh cash injections from West Ham’s owners could solve any near-term problems. The club is aware that relegation is a serious business risk, so a fire sale could take place if the worst does happen. The club’s most attractive asset from the playing squad will surely be 29-year-old England international Jarrod Bowen, who is worth around € 35 million in the market. Life in the Championship will be tough, but there will be compensation in the form of parachute payments, which can provide the springboard for a quick return to the Premier.
There are still 10 games to go and their 5-2 defeat at Liverpool on February 28 suggests they are stubbornly fighting for their Premier League lives, but this wasn’t how it was supposed to be when the Hammers departed their beloved Boleyn ground for pastures new.
Game of the People was founded in 2012 and is ranked among the 100 best football websites by various sources. The site consistently wins awards for its work, across a broad range of subjects. [View all posts by Neil Fredrik Jensen](https://gameofthepeople.com/author/georgefjord/)