Sullivan warns of 'challenging' years ahead

David Sullivan has warned that West Ham face at least two more years working under severe financial constraints.

Sullivan, speaking in his Chairman's statement in the latest set of club accounts admitted that 'belt-tightening' will continue until 2013, at the earliest, in order to bring the club's finances under control.

"Although results on the field have not been what anyone would have wanted we believe that the financial statements presented in this report demonstrate that the club has achieved greater financial stability over the course of the last 12 months since we took over the club," he said.

"In addition to buying the club, my Co-Chairman, David Gold, and I have invested £24million into the club before the end of the year and this resulted in a reduction of £12million in bank borrowings and a reduction in total net liabilities of £22million. It will take time to pay off many of the club's inherited historical liabilities but we believe that progress is being made.

"Whilst the club continues to operate under these financial constraints, competing in the Premier League will continue to be challenging but everyone at the club is working tirelessly to ensure we retain our Premier League status this season and, if successful, we will face the future with renewed optimism."

However in the event of West Ham failing to retain it's Premier League berth this season, Sullivan insisted that contingency plans were in place to ensure the club remains on a sound footing.

"We will act decisively to give the club the best possible chance of returning to the Premier League at the first attempt," he insisted. "However, I wish to emphasise that the club is financially secure regardless of its league status."