Relegated clubs sell from weakness. Buyers know it, agents know it, and the clubs on the other end of the telephone know it. West Ham will experience that reality in full across the coming weeks as they attempt to bring in enough revenue to offset financial losses that, combined with the income lost from dropping to the Championship, could reach £200 million.
The Telegraph reported that figure this week, citing club sources. West Ham United's most recent published accounts showed a £104 million operating loss for the year ending May 2025. Relegation adds a further estimated loss of £100 million in broadcast, commercial and prize money that will not arrive.
Mateus Fernandes is the most valuable asset. The 21-year-old Portugal international joined from Sporting CP last summer for £42 million and was nominated for the Premier League's Young Player of the Year award. West Ham's asking price is reported to be in the region of £80 million, though clubs are likely to use the Championship lever to drive that figure down significantly. Manchester United are among those tracking his situation.
Jarrod Bowen, West Ham's captain, is 29 years old, contracted until 2030 and the club's most influential player. He has hinted publicly at staying. Whether that remains realistic in the Championship depends on the club's ability to make good on promises that may become harder to keep once the summer window opens in earnest. Premier League clubs including Liverpool are monitoring his availability.
Aaron Wan-Bissaka, signed from Manchester United for £15 million in 2024, is one of several players likely to leave for considerably less than he cost. The Democratic Republic of Congo international is valued at around £10 million following West Ham's relegation, and Everton are reported to be considering a move. Head coach David Moyes has been open about his desire to sign a right-back this summer.
Other players expected to depart include French forward Valentin Castellanos, Dutch winger Crysencio Summerville and defender Jean-Clair Todibo.
The irony of West Ham's position is that their squad looked acceptable for the Premier League in winter — Nuno Espírito Santo's side took 25 points from their final 17 matches, a pace that would have meant a comfortable mid-table finish across a full season. But football does not offer refunds, and the brutal mathematics of a final-day miss mean the club must now rebuild for the Championship while dismantling the squad that failed to stay up.