West Ham's Last Full Season in the Premier League Still Lost £110m
A mid-table Premier League finish is usually a financially safe outcome. For West Ham, it came with one of the heaviest losses in the club's history.
In the 2024-25 season covered by these accounts, West Ham United finished 14th in the Premier League, sacking Julen Lopetegui in January 2025 and appointing Graham Potter, in what turned out to be one of the club's last seasons in the top flight for some time.
Turnover fell by around 16% to close to £230m as the club went without European football for a season, following the Europa League and Conference League campaigns of recent years, a significant reduction in revenue even before results on the pitch are considered.
A pre-tax loss of around £110m, one of the heaviest in West Ham's history, reflects a wage bill built for a squad still competing for European qualification, alongside compensation costs tied to the managerial change midway through the season.
Net assets sit deeply in deficit at around £220m, and staff costs of around £170m against turnover of £230m show a cost base that had grown well beyond what a 14th-place finish could realistically support.
A mid-table finish that once would have been considered a stable season instead came with a loss that hinted at deeper financial strain, a warning sign that became fully apparent when relegation followed the year after.
West Ham United were relegated from the Premier League at the end of the 2025-26 season, ending 14 consecutive years in the top flight and returning to the Championship for 2026-27.
West Ham's last extended Premier League season already carried the financial warning signs of a club overspending relative to its results, a year before relegation confirmed it on the pitch.