West Ham chief Karren Brady says their record revenue would still have been achieved if they'd stayed at Upton Park.
The Hammers' latest financial figures for 2016/17 were released on Tuesday, and revealed they had turned a £4.8million loss the previous year into a £43m profit.
But rather than the massive rise being down to an increase in money generated at their significantly bigger new home, which is still unpopular with many fans, the Hammers' coffers were instead swelled mainly by TV revenue and player sales.
Vice-chair Brady said: “It is worth noting that the club would have made a similar profit had it remained at the old stadium and the majority of the profit for the year has been generated by the new broadcast agreement and by profit on player sales."
Co-chairman David Sullivan said: “I know some of our supporters will argue we have not spent enough in the transfer windows and signed the right targets - I accept that.
“I have explained in recent weeks we are changing the structure of our scouting and recruitment set-up and will make every effort to improve our performance in those areas in the future."