West Ham United dropped out of the Premier League on Sunday's dramatic final day, ending a 14-year top-flight stay. The east London club needed victory over Leeds combined with a Tottenham defeat to Everton, but both matches went the wrong way. West Ham finished 14th last season despite spending heavily on transfers and wages.

The £104mn loss on £227.5mn revenue illustrates deeper problems. Television money accounted for 57% of West Ham's revenue last season, compared to just 29% at Tottenham, making relegation financially devastating. The club's £176mn wage bill ranks among England's top 10 spenders, yet player salaries failed to translate into performance.

Ownership uncertainty compounds the crisis. Vice-chair Baroness Karren Brady departed after 16 years, leaving David Sullivan (40% stake) and Daniel Křetínský (27%) as joint chairs without majority control. Meanwhile, Roberto De Zerbi's appointment sparked Spurs' revival, securing three wins in six matches to escape relegation.

The contrast highlights West Ham's mismanagement. Despite ranking 20th in Deloitte's Money League and operating England's second-largest stadium, poor strategic decisions led to this costly relegation. The drop to Championship football will severely impact revenue streams already strained by inefficient spending.