In a statement, West Ham said: "With regard to the club's transfer activity this summer, we made no assumptions in terms of the arbitration panel and were only informed of the ruling on Friday. The only considerations taken into account were our previously stated aims of improving the first team with top-quality players committed to the future and a reduction in the size of the squad, in turn raising additional revenues for the club.
"We are delighted with the signings made in Valon Behrami, Jan Lastuvka, Walter Lopez, Herita Ilunga and David Di Michele, along with several talented young prospects recruited for our Academy. Furthermore, the club were able to reject a number of significant bids for first-team players during the summer.
"Our transfer policy continues to be based on sound football and business principles with the aim of taking West Ham United forward under new manager Gianfranco Zola. All at the club will not be deterred in this regard and we are fully focused on our ambitions in the cup competitions and the Barclays Premier League."