The former Birmingham chairman has revealed that the cost of failing to beat Blackpool at Wembley would have been "another £30 million" with hefty cuts likely to have been imposedWest Ham co-owner David Gold has admitted that the club would have had significant financial worries had they failed to gain promotion back to the Premier League.
The Hammers left it late to beat Blackpool in the Championship play-off final on Saturday, with Ricardo Vaz Te's strike proving to be the difference in a 2-1 win, and Gold has revealed that the win may well have saved the club from adding to its debts.
He told reporters: "Had we not won, it would have meant the owners would have had to find more money. The first thing we would have done on Monday if we didn't win was say we need to cut our cloth accordingly.
"We wouldn't have sat there deluding ourselves, it would have cost around another £30 million.
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"There is still hard work ahead. I still think the club has got to find £20m to ensure it doesn't get relegated again, and that is on top of the TV money.
"I would expect significant changes, the hard work starts now. We are committed to paying these debts."
Holding on to key players will also be high on the list of Gold's priorities and the former Birmingham chief is keen to tie down goalkeeper Rob Green to a new contract, with the England international's current deal set to expire next month.
"The offer we could have made to Rob would obviously not have met his requirements if we had still been in the Championship," he added.
"But now there will be one on the table which should be acceptable and hopefully we will wrap that up in the next five weeks."