West Ham are heading to the Championship – what happens now?

West Ham were always against in their last game against Leeds on Sunday; They needed to win and were hoping Everton would win at Tottenham if they could stay up.

As a result, there was an air of acceptance among fans in the hours before kick-off, choosing instead to bask in the scorching heat rather than reflect on the campaign of disappointment.

But their disappointment came after West Ham took the lead against Leeds midway through the second half, with fans chanting angry chants at chairman Sullivan, whom many blame for West Ham’s current poor state.

But looking at where West Ham currently find themselves, they could benefit from positive experience when it comes to plotting a top-flight comeback.

He did this twice during his time at Birmingham, in 2007 and 2009, and again at West Ham in 2012.

In the first two campaigns at St Andrew’s, Sullivan was rewarded for sticking with managers Steve Bruce and Alex McLeish, who presided over relegation. He brought to West Ham Sam Allardyce, who guided the club back to the Premier League via the play-offs.

But this is a different West Ham. Sullivan’s longtime business partner, David Gold, is no more, who died in January 2023. Gold’s daughter Vanessa owns 25.1% of the club, US businessman Tripp Smith owns 8%, while Royal Mail owner Daniel Kretinsky is in the process of buying some of Gold, matching Sullivan’s 38.8% stake. Karren Brady, Sullivan’s long-trusted vice president, resigned in April. Karim Virani took over the chairmanship of the executive board.

There are financial concerns. West Ham recorded a loss of £104 million in their latest accounts in the year to May 31, 2025, and are heading for another big loss this year, according to sources.

It’s a problem, but it’s not that big of a problem anymore. The English Football League has announced that Squad Cost Rules will be implemented 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, with West Ham’s income far exceeding that of their Championship rivals and arguably every Championship club ever.

However, football finance blogger Swiss Ramble has predicted West Ham’s squad cost ratio for 2024-25 is 90%, and the club has made clear what relegation would mean in its latest accounts.

“The group’s main business risk is the relegation of the men’s football club and the serious financial consequences that will follow,” the statement said.

“[In the event of relegation] “More significant mitigation actions, such as the disposal of more players, will be required to generate transfer fee income and wage savings.”

Club sources estimate overall revenue will fall between 50% and 60%. Revenue in West Ham’s latest accounts was £227.6m, down from £269.7m the previous year.