Revealed: West Ham could lose £120m if relegated to Championship as fears grow over Hammers' Premier League survival

The situation at West Ham has reached crisis point, with results and morale spiralling in the wrong direction. The Hammers’ dismal run - four points from eight matches and five consecutive home defeats - has left them rooted near the bottom of the Premier League table. It marks their worst start to a top-flight campaign since 1988-89, a season that ended in relegation.

Their 2-0 defeat to Brentford on Monday was particularly sobering. It was the first time in club history that West Ham have lost their opening four home games of a league season and only the second time they’ve suffered five straight top-flight home defeats - the last occurring almost a century ago in 1931. Their latest loss deepened discontent among supporters, who staged boycotts and protests against the club’s ownership.

Nuno Espirito Santo, the club’s fourth manager in 16 months, has failed to spark a revival since taking over. The former Nottingham Forest boss admitted after the Brentford game that his team were "very far" from having an identity, conceding that "we have a problem". His side’s lack of fight, creativity, and defensive discipline has left them looking bereft of confidence ahead of crucial clashes with Leeds and Burnley - both of whom are direct relegation rivals.

Football finance expert Kieran Maguire has painted a bleak picture of what relegation would mean for West Ham’s finances. "Relegation would be a pretty big hit for West Ham,” he told the Daily Mail. "They made £270m in 2024, over half of that was television money. That would drop by something in the region of £120m."

Maguire also warned that the club’s commercial and matchday revenues would take a substantial blow. "They would struggle to sell 60,000 tickets each week, especially if they don’t have a great season. They’d have substantial reductions in commercial revenue as well," he explained.

The expert added that the club’s financial structure could further complicate recovery efforts. "My concern would be, while they don’t have any borrowings, the elephant in the room is that West Ham owe £191m in instalments for players they have already signed," Maguire noted. "That has got to come out of future cash. That would put pressure on the owners, who presumably would have to go down the borrowing route."

Relegation would trigger a cascade of financial repercussions beyond the immediate loss of revenue. Most of West Ham’s senior players are understood to have relegation wage clauses, which would automatically reduce salaries but still strain the budget. The club would almost certainly have to sell its most valuable assets - including Jarrod Bowen and Lucas Paqueta - to balance the books.

There are also ownership implications. The late David Gold’s family, who own a 25% stake, have been exploring a partial sale, but relegation would drastically reduce the valuation of those shares. Potential investors would be reluctant to buy into a Championship club facing reduced income and instability. Such uncertainty could delay much-needed structural reform behind the scenes, particularly in recruitment and squad management.

Fan frustration has already reached boiling point. The supporters’ group Hammers United claim more than 20,000 season-ticket holders boycotted the Brentford game, and further demonstrations are planned, including a sit-in protest after the next home fixture against Newcastle. The relationship between the fanbase and ownership - particularly co-owner David Sullivan and vice-chair Karren Brady - has deteriorated to new lows amid accusations of mismanagement and poor communication.

On the pitch, the Hammers’ immediate focus must be survival, but their upcoming fixtures offer little comfort. Trips to Leeds and a home clash against Burnley loom large as season-defining encounters. Failure to secure victories in those games could see the club further adrift, intensifying pressure on Nuno to deliver results amid growing fan hostility.