West Ham have announced a £104.2m loss for the last financial year. The figure is a major fall after last year's result of a profit of £57.2m.
In a report to shareholders, the board states sales are needed - even if West Ham avoid relegation. The need to shareholders to make contributions is also noted.
The report states: "Under both the base case and severe but plausible case forecasts, mitigating actions are required in order to have sufficient liquidity for the Group to meet its liabilities over the going concern period."
It adds: "The primary mitigating action within the control of the Group is cash receipts from further player trading. Should this not be preferred or sufficient, additional funding from the shareholders would be required.
"In the event the severe but plausible scenario occurs, the Group is also forecasting a liquidity shortfall in summer 2026 to a greater severity.
"Accordingly, more significant mitigating actions would be required such as further player disposals to generate transfer fee income and wage savings, or additional funding from the shareholders, or a combination thereof."