Relegation "Would Be Simply Horrific"
Speaking to The Evening Standard last week David Sullivan said that West Ham's debts have been reduced from over £100 to around £85 million. However Sullivan warned that despite the reduced debts the club would struggle to survive relegation,
"The debt is around £85m currently. It's difficult because you're in negotiations with banks who have vetoes and if you do certain things you're in breach and they can call in the debt. They've been as supportive as they can but they don't work for West Ham, they act for their shareholders.
All the time the debts have come down but we've had lots to cope with. For example, before we came the club took two years' season-ticket money up front so we've had to roll that for another year.
We've still got players on contracts which really aren't sustainable. Also there were no options on players so when the contracts run down you lose them. Some are on such money that we can't afford to renew on their existing terms.
If we get relegated the financial implications would be simply horrific and I would feel I have failed."