West Ham United's new owners insist they can get the club's finances back in shape, despite yesterday's shocking results.
The club are saddled with debts of more than £100m and are paying a heavy price for the excesses of Eggert Magnusson and Bjorgolfur Gudmundsson.
West Ham's accounts for the year ending May 2009 recorded a £16million loss but, more staggeringly, reveal how the club had borrowed themselves to the brink with a timebomb of debt.
But co-owner David Sullivan has stressed: "Our board will work ceaselessly to put the club back on a stable financial footing and I believe that we have the expertise to achieve this."