West Ham United captain Matthew Upson has been told to forget about a new pay-rise.

Club owners David Gold and David Sullivan must slash the £60million wage bill even if it means losing their top earner.

Gold said: "Matthew is an outstanding player. You can see how important he is to us.

"We will do everything we can to retain him but we're not going to go bust.

"What we inherited here is a club that's been paying wages as if it is Manchester United and that cannot continue. It's in a mess.

"We have to take some tough actions. What we will drive for is to ensure the club and manager has funds to stabilise the footballing side."