And so, 14 years after the last time, West Ham has ended up in the Championship. And now it has to cope with a possible disaster that is not only technical, but also financial: the east London club last year recorded a loss of 104 million pounds (a little more than 120 million euros) on its balance sheet. And according to some estimates, with relegation, the club’s turnover will decrease by between 50 and 60%. The English Football League (the body that manages the three professional football leagues in England below the Premier League) has announced the introduction of some new rules ahead of next season. The details have not been made known, but from what is filtering through it seems that clubs will be able to invest around 85% of their revenue. The club, in its last balance sheet, when relegation was not yet mathematical, had moreover foreseen possible repercussions in the case of a third-from-bottom place: «The Group’s main commercial risk remains that of the relegation of the men’s football team, with the serious financial consequences that would follow», reads the statement. «More significant mitigation measures would be necessary, such as further player sales to generate transfer revenue and wage savings».
The only positive note for the club, at the moment, is the one relating to revenue. The difference with the Premier League is considerable, but it is also true that West Ham’s takings far exceed those of any Championship club. And this could represent a rescue parachute for the club. West Ham, despite the difficulties that there will be, is however called upon to react immediately. The victory in the Conference League against Fiorentina, three years ago, finally seemed the beginning of a new era for the Hammers. Instead it was not so, and so the London club found itself facing a disastrous season. The three defeats in the last four league matches, in effect, condemned Nuno Espírito Santo’s team, forced to hand safety to De Zerbi’s Tottenham. «We have not repaid the support of the public», reads a statement released by the club a few minutes after the final whistle of the last league match. «The truth is that we were not up to it. Now we must face the consequences of this failure with honesty, transparency and the determination to make amends, reorient and rebuild».
The rebuilding of West Ham, as well as on the financial level, also passes through the sporting one. In the meantime it will be necessary to understand to whom the ownership will want to entrust the keys of the first team. According to the latest transfer rumours, Nuno Espirito Santo should no longer be the Hammers’ coach next season. And so a replacement will have to be found. The most delicate choices, and in some ways the most painful, will concern the pool of players too. Taking a look at West Ham’s squad, one wonders how it is possible that a team like this has been relegated: from the former Lazio man Castellanos to the captain Bowen, by way of Areola, Wilson, Adama Traore, Disasi and Mavropanos, there was every margin to be able to avoid relegation.
At this point it is inevitable to think about departures, even high-profile ones: after all, as reported by the BBC, in the players’ contracts there are clauses that, in the case of relegation, provide for significant cuts to the salary, in some cases even of 50%. The problem is, if anything, how to reinvest the money deriving from the sales. The over 115 million that arrived in the Hammers’ coffers for the sale of Declan Rice, just two years ago, was not spent in the best of ways. East London expects answers in a short turnaround. But in the meantime it can cling to the words of its captain, Jarrod Bowen, who after relegation declared in a press conference that he «has a contract with this club» and that he «wants to bring West Ham back to the Premier League, where it deserves to be».