West Ham United's new owners insist they do not need to sell any of their players this summer.

Hammers non-executive chairman Andrew Bernhardt said: "I can assure fans that Gianfranco absolutely does not have to sell any players for financial reasons and new players will be arriving in the summer to augment what is already a strong playing staff."

Bernhardt dismissed the suggestion that players such as Matthew Upson or Scott Parker will have to be sold to cover the club's debts.

He said: "That is absolutely untrue. No business likes to have debts, but with a £100million turnover, increased TV revenues and a focused commercial operation, the club is on sound financial footing.

"The wage bill has been reduced and the settlement agreed with Sheffield United is budgeted for.

"We totally support his philosophy of following the West Ham tradition of bringing young players through, as well as investing in new talent where appropriate.

"But we also believe the club should not spend more than it earns and thus increase the debt. It simply isn't necessary when you have such a talented management team and pool of up-and-coming young players.

"It seems pointless to invest in West Ham United's world famous academy if you are then not going to use the players you have nurtured and developed."