West Ham chief David Sullivan admits the falling pound will effect transfer negotiations on the continent.

Sullivan wrote for whufc.com: "This has been a historic day for the country and there are going to be a lot of implications for the Premier League and football in general.

"If the sterling continues to fall against the euro, players at European clubs will become more expensive as that impacts our buying power.

"Even at this present time, where we currently owe instalments to clubs who we have signed players from, we will also lose out if the value of sterling falls, but every club is in the same boat.

"I have seen reports that some big name players including Dimitri Payet would not have been able to secure their moves into the Premier League if we would have already left the European Union.

"Long term players from the European Union will need to obtain work permits, but I have to stress that is a few years away."