West Ham United co-owner David Sullivan has detailed the task that is ahead of them in turning the club's fortunes around.
In his match programme notes for the defeat to Chelsea, Sullivan wrote: "It is the most difficult task to try and keep the club afloat, yet still pursue a strategy of improving the team.
"We have stuck to our promises. In line with my partner David Gold, neither of us has ever drawn a penny in wages, management fees or even expenses, and it is not our intention ever to do so. I paid the £2,000 mobile phone bill myself.
"The club is still in a very much in a precarious position. We have £50m of banks loans and £50m of other debts.
"The banks have been incredibly supportive and without their help we would simply not exist.
"David Gold and I have pumped nearly £30m into the club (in addition to buying more than 60 per cent of the shares). The £30m has been eaten up by trading losses. We have been trading at a £30m annual loss for the last four years. We inherited a wage structure that we simply cannot support.
"With the help of our bankers we will keep the club afloat, but please realise it will take a few years to take West Ham United to where we want it to be.
"Every day we are still being hit with bills run up by the previous regime. For example, an agent pops out of the woodwork and says he is owed £50,000 for arranging last year's pre-season friendly versus Napoli, on a match that lost the club £70,000.
"The madness of the way the club was run is shown by the money paid to players even in the early rounds of the Carling Cup. The appearance money versus Oxford was £45,000 - plus £9,000 in win bonuses.
"Our cut of the gate was £65,000, so we ended up making £11,000. The latter is a tiny contribution to our wages and overheads. I could go on and on. This is the 'burden' our club carries from the past."
