What happens now at relegated West Ham?

It has been less than three years since approximately 70,000 jubilant fans celebrated West Ham's victorious return to east London with the Europa Conference League trophy in hand.

The 2-1 triumph over Fiorentina in Prague marked the end of a 40-year drought for silverware, signaling what many hoped would be a new chapter for a club that had weathered turmoil and discontent following its controversial relocation from Upton Park to London Stadium in 2016.

Ironically, one of the few silver linings of relegation is a reduction in costs associated with playing at the 62,500 capacity arena in Stratford; London Mayor Sadiq Khan estimates this saving to be around £2.5 million. However, in the broader financial picture, this is a minor benefit.

The departure from the Premier League after 14 years brings a wave of criticism from fans, coupled with uncertainty regarding the club’s future.

"Ultimately, we have not repaid that support," noted a club statement shortly after relegation. "The plain truth is that we have not been good enough. We must now face the consequences of that failure with honesty, transparency, and a determination to repair, refocus and rebuild."

West Ham entered their final league match against Leeds knowing they required a win, along with hoping for an Everton loss at Tottenham, to avoid relegation. As a result, many fans exhibited resignation, choosing to relish the warm weather instead of dwelling on a challenging season.

However, frustrations erupted as West Ham gained the lead against Leeds in the second half, prompting fans to vocalize their discontent towards chairman David Sullivan, whom many hold responsible for the current predicament of the club.

Looking ahead, Sullivan is armed with valuable experiences to navigate an immediate return to the top flight. He successfully achieved this twice with Birmingham in 2007 and 2009, and again with West Ham in 2012.

In his prior stints at St Andrew's, Sullivan rewarded stability by retaining the managers—Steve Bruce and Alex McLeish—who oversaw relegation. In West Ham's case, he appointed Sam Allardyce, who guided the club back to the Premier League through the play-offs.

This situation, however, is markedly different. Sullivan no longer partners with his longtime associate David Gold, who passed away in January 2023. Gold's daughter, Vanessa, owns a 25.1% share of the club, while US entrepreneur Tripp Smith holds an 8% stake. Additionally, Daniel Kretinsky, owner of Royal Mail, is in the process of acquiring additional shares to match Sullivan's 38.8%. Meanwhile, Karren Brady, Sullivan's long-standing and trusted vice-chair, departed in April, with Karim Virani now serving as chief executive.

Financial challenges loom large. West Ham recorded a loss of £104 million in their most recent accounts as of May 31, 2025, and further losses are anticipated for this year, according to sources.

This concern is serious but less daunting, thanks to the English Football League's announcement of the implementation of Squad Cost Rules for the 2026-27 season. Although the specifics are forthcoming, clubs will generally be permitted to spend 85% of their income—an amount that will likely surpass that of their Championship counterparts.

Nonetheless, football finance analyst Swiss Ramble projected that West Ham's squad cost ratio for the 2024-25 season stood at 90%. The club previously indicated what relegation could mean for their financial outlook 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," the report stated.

"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 insiders project an overall revenue decline of 50% to 60%. In their latest accounts, revenue for West Ham was reported at £227.6 million, a decrease from £269.7 million the year before.

What happens to Nuno?

Nuno Espirito Santo entered a three-year contract upon his appointment to replace Graham Potter in September.

He faced an uphill battle early on, achieving only two victories from his first 15 Premier League matches, which left his team seven points adrift of safety. However, West Ham managed to recover somewhat, losing just three out of the subsequent 13 matches to rise two points above Tottenham.

While a decline followed, and certain team selections drew criticism—including one that required revision a mere 26 minutes into a critical match against Newcastle—the club appears to desire stability this summer and hopes to retain Nuno.

However, it remains uncertain whether the 52-year-old wishes to return to the Championship, a league he last led Wolves out of in 2018. Following the game on Sunday, Nuno deflected questions about his future, stating: "None of us had a minute to think about our individual future. It was all about trying to stay positive, keep going, and focus on the team. Any discussions about the future will have to wait."

Meanwhile, Jarrod Bowen, West Ham's standout player, remains a pivotal figure within the squad.

Together with Tomas Soucek and goalkeeper Alphonse Areola, he represents one of the three players from the successful Fiorentina match still on the roster.

Bowen's prominent status influenced the seven-year contract he signed four months post-victory. The pressing question is whether he will remain at the club.

Although Bowen is undoubtedly among their most marketable players, there is optimism that he will spearhead the push for promotion.

Upon confirmation of relegation, he stated to Sky Sports: "I'm under contract here. There will be rumors and speculation, but ultimately, my focus is on getting this club back into the Premier League, where it rightfully belongs."

Players will be sold - but which ones?

Departures from the squad are inevitable, given that most players hold contractual clauses stipulating substantial wage reductions—up to 50%—in the case of relegation, according to BBC Sport.

Axel Diasi, Adama Traore, and Callum Wilson are all set to see their contracts expire this summer.

Midfielder Mateus Fernandes has drawn interest from Paris St-Germain and Manchester United, and a transfer appears likely, with West Ham aiming for a significant return on the £40 million investment made last August.

Senegalese defender El Hadji Malick Diouf, who cost £19 million from Slavia Prague last July, also figures as a potential asset for financial recovery.

However, the club faces challenges in offloading several other players, particularly given some questionable recruitment decisions following that celebrated night in Prague. The £105 million received from Arsenal for Declan Rice was subsequently mismanaged.

The club invested £40 million in Max Kilman from Wolves in 2024 on a seven-year deal, yet he has not featured since late January.

Germany striker Niclas Fullkrug was signed for four years in 2024 at age 31 but was loaned to AC Milan in January following a disappointing spell that yielded only three goals in 29 matches.

James Ward-Prowse, who has another year on his contract from August 2023, started just seven games and appeared as a substitute in five before moving on loan to Burnley in January.

The list of challenges continues.

As West Ham embarks on a path marked by uncertainties, the fans who celebrated in Prague must now confront a reality they could scarcely have imagined. The road ahead is steep, requiring diligent efforts to restore success.