Ciaran Morrison

Wed 18 March 2026 8:30, UK

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West Ham United’s financial picture is dire after they borrowed a further £124million from Rights and Media Funding.

That is according to ex-Everton, Aston Villa, and Aberdeen chief executive Keith Wyness, speaking exclusively to Football Insider, who says that the Hammers have “blown” the £100m they earned from selling Declan Rice to Arsenal in 2023.

West Ham have borrowed nearly £500m from Rights and Media Funding since 2012, the latest coming after the club announced a £104m loss in their last financial accounts.

Premier League relegation this season could worsen West Ham’s financial picture further, with a significant drop in revenue if the club go down to the Championship.

West Ham move a ‘last resort’ to improve finances

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes it is “not a great sign” that the Hammers have turned to Rights and Media Funding.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness thinks the club could have secured better deals elsewhere if they had been in a stronger financial position.

He told Football Insider‘s Inside Track podcast: “Certainly it’s not a great thing to have to go to Rights and Media. It says a lot, I think, about the way the financial structure is at West Ham right now.

“After the success of the season when they sold Declan Rice, that money seems to have been blown. And they spent a lot of money now on players trying to rescue this season and stay in the Premier League. So it’s not a pretty picture financially.

“Their numbers just came out the other week and I had a good look at them and it’s a bit of a horror show. And certainly having Rights and Media Funding on their means that you’ve gone to one of the lenders of last resort to a degree. So it’s never a good sign.

“If they’d been a bit more stable, you’d have got better deals. People like Apollo have loaned money to Nottingham Forest at much better rates, I’d imagine. And so there’s a reason why they’ve had to go to Rights and Media Funding, apart from just relationships. But I think it’s not a great sign. And, you know, as I say, think payday lending.”  

West Ham hold one key edge in relegation battle

Wyness told Football Insider that West Ham have enough firepower to avoid Premier League relegation after Callum Wilson agreed a new one-year deal at the club.

West Ham’s January signings have made an impact at the London Stadium, with Nuno Espirito Santo’s side now having scored in nine of their last 10 Premier League games.

The Hammers’ ability to score goals could prove crucial, with relegation rivals Nottingham Forest having only netted 28 times in 30 league matches this season.