West Ham United admit staying in the Premier League is a "necessity" after posting financial losses of £27.26m.

Despite spending more than £130m on transfers, and £214.4m in the last four years, they are only above the Premier League drop zone on goal difference.

The accounts, for the year to 31 May 2019, show the backing the club gave to former manager Manuel Pellegrini.

He was sacked in December and was replaced by David Moyes.

"Retention of our status in 2019-20 season is an absolute necessity for the future wellbeing of the club," said West Ham, in their accounts.

The club say there will be "serious financial consequences" should they be relegated into the Championship.