West Ham were always up against it going in Sunday’s final game against Leeds in which they needed to win and hope Everton won at Tottenham if they were to stay up.
Consequently there was an air of acceptance of their fate among the fans in the hours before kick-off, as they instead opted to enjoy the blistering heat rather than mull over a campaign of disappointment.
But the frustrations came after West Ham took the lead against Leeds midway through the second half, as fans directed angry chants towards chairman Sullivan, who many blame for West Ham’s current plight.
In terms of where West Ham find themselves now, though, he can call on positive experiences when it comes to plotting an immediate top-flight return.
He did it twice during his time at Birmingham, in 2007 and 2009, and again with West Ham in 2012.
On the first two occasions, at St Andrew’s, Sullivan was rewarded for sticking with the managers who presided over relegation – Steve Bruce and Alex McLeish. At West Ham, he brought in Sam Allardyce, who guided the club back to the Premier League via the play-offs.
This is a different West Ham, though. Sullivan no longer has his long-time business partner David Gold, who died in January 2023. Gold’s daughter Vanessa owns 25.1% of the club, US businessman Tripp Smith has an 8% stake, while Royal Mail owner Daniel Kretinsky is in the process of matching Sullivan’s 38.8% by buying some of Gold’s. Sullivan’s long-time and trusted vice-chair Karren Brady quit in April. Karim Virani has taken over as chief executive.
There are financial concerns. West Ham recorded a loss of £104m in their latest accounts to 31 May 2025 and are heading for another hefty loss this year, according to sources.
This is a problem, but not as big a problem now the English Football League has announced the implementation of Squad Cost Rules for the 2026-27 season. The finer details are still to be published, but essentially clubs will be allowed to spend 85% of their income – and West Ham’s income will far exceed any Championship rivals, and possibly any Championship club ever.
Nevertheless, football finance blogger Swiss Ramble estimated West Ham’s squad cost ratio for 2024-25 to be 90% and the club made it clear what relegation would mean in the latest accounts.
“The Group’s principal business risk remains that of the men’s football club being relegated with the serious financial consequences which follow,” it read.
“[In the event of relegation] more significant mitigating actions would be required such as further player disposals to generate transfer fee income and wage savings.”
Club sources estimate overall revenue will fall by between 50% and 60%. Revenue in West Ham’s most recent accounts was £227.6m, down from £269.7m the year before.
