So, West Ham United have released a new set of accounts recording a loss of over £100 million on revenues of £227 million.
I do not pretend to be a financial expert, and I will leave the forensic analysis of the numbers to Sean. But what appears abundantly clear is that the current ownership are struggling to sustain the model under which the club is operating.
With significant debt, continued borrowing and a player payment bill alone set to exceed £80 million next season, the cost of relegation could be catastrophic.
Under current Premier League rules, shareholders are permitted to inject more than £100 million into a club over a three-year period. In simple terms, if the ownership truly wished to clear large portions of the debt, they could.
The fact is, there appears little appetite to do so.
One of the more eye-watering figures within the accounts is that, in the year ending May 2025, the Hammers paid £21 million in interest alone. That is £21 million simply servicing debt.
Brady is portrayed as a canny business woman on The Apprentice
Interest Payments Highlight Structural Problem
That level of interest payment is unsustainable. It underlines the disadvantage the club face when borrowing against future television income and season ticket revenue.
Very few supporters will be shocked by the headline loss. However, it does feel extraordinary when viewed against the reputation of vice-chair Karren Brady, widely regarded as a financial authority through her role on The Apprentice and her standing as a seasoned businesswoman.
In layman’s terms, West Ham appear to have maxed out the credit card — and with relegation still a live threat, the consequences could be severe.