There’s a saying- “Sweeping it under the rug” -which when used in the context of [West Ham’s](https://www.claretandhugh.info/huge-losses-west-ham-lose-104m-as-bradys-wages-increase/) finances suggest it’s been swept under the rug so many times it is now more of a speed bump!
West Ham face a structural financial gap that must be addressed regardless of which division they play in next season.
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The latest filings and expert commentary make clear that the board will have to act through a rights issue, asset sales (including the women’s team), or significant first‑team player departures to stabilise the club’s finances.
West Ham’s 2024/25 accounts confirmed a £104m pre‑tax loss, the worst in the club’s history. This represents a dramatic swing from the £57.2m profit recorded the previous year.
The club’s own statement warns that relegation would create “serious” and “severe” financial consequences, with the men’s team’s Premier League status identified as the principal business risk.
Even if West Ham stay in the Premier League, the recent accounts show that the club’s operating model is no longer sustainable without intervention. The club has already borrowed £124m from Rights and Media Funding in July 2025, having drawn down £89m of that facility by the time the accounts were signed and paid £22m in interest last season alone.
As such a rights issue is now seen by many as the cleanest and most sustainable solution.
The accounts hint that the board is prepared to inject capital if necessary, though they remain publicly silent. Given the scale of the deficit and the club’s rising debt burden, this option is increasingly unavoidable.
In addition to this a partial sale of the women’s team is reportedly still being explored, and the accounts acknowledge the need to consider asset disposals. This would generate cash but is unlikely to cover the full deficit.
The least desirable option from a footballing perspective will be player departures, which but may be unavoidable if no equity is injected.
Player sales may be inevitable if the West Ham board do not change their stance
Again the club have openly admitted this will be required.
There _are_ variables that could soften the blow. Premier League survival will mean higher broadcast and commercial revenue. FA Cup victory, would provide guaranteed European football and additional prize money.
But even in the best‑case scenario, these gains do not close a £104m structural gap.
West Ham’s financial position is now at a point where board‑level action is unavoidable.
The accounts, expert analysis, and borrowing patterns all point to the same conclusion:
**A rights issue or major asset sale must happen, because the deficit cannot be bridged through footballing performance alone. West Ham fans will hope it’s a rights issue and not the sale of key players!**