What happens now at relegated West Ham?

On the first two occasions, at St Andrew's, Sullivan was rewarded for sticking with the managers who presided over relegation - Steve Bruce and Alex McLeish. At West Ham, he brought in Sam Allardyce, who guided the club back to the Premier League via the play-offs.

This is a different West Ham, though. Sullivan no longer has his long-time business partner David Gold, who died in January 2023. Gold's daughter Vanessa owns 25.1% of the club, US businessman Tripp Smith has an 8% stake, while Royal Mail owner Daniel Kretinsky is in the process of matching Sullivan's 38.8% by buying some of Gold's. Sullivan's long-time and trusted vice-chair Karren Brady quit in April. Karim Virani has taken over as chief executive.

There are financial concerns. West Ham recorded a loss of £104m in their latest accounts to 31 May 2025 and are heading for another hefty loss this year, according to sources.

This is a problem, but not as big a problem now the English Football League has announced the implementation of Squad Cost Rules for the 2026-27 season. The finer details are still to be published, but essentially clubs will be allowed to spend 85% of their income – and West Ham's income will far exceed any Championship rivals, and possibly any Championship club ever.

Nevertheless, football finance blogger Swiss Ramble estimated West Ham's squad cost ratio for 2024-25 to be 90% and the club made it clear what relegation would mean in the latest accounts.

"The Group's principal business risk remains that of the men's football club being relegated with the serious financial consequences which follow," it read.

"[In the event of relegation] more significant mitigating actions would be required such as further player disposals to generate transfer fee income and wage savings."

Club sources estimate overall revenue will fall by between 50% and 60%. Revenue in West Ham's most recent accounts was £227.6m, down from £269.7m the year before.

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West Ham owner David Sullivan and former vice-chair Karren Brady have been the subject of widespread fan protest

What happens to Nuno?

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The club deserves to be in the Premier League - Nuno

Nuno Espirito Santo signed a three-year contract when he replaced Graham Potter in September.

He had a difficult start, winning just two of his first 15 Premier League games as his side fell seven points adrift of safety, but West Ham lost just three out of their next 13 games to move two points clear of Tottenham.

Despite the collapse that followed, and a team selection he got wrong and had to change just 26 minutes into the must-win encounter at Newcastle, it is understood the club want stability this summer and would prefer Nuno to stay.

However, it is not clear whether the 52-year-old is keen on a return to the Championship, which he took Wolves out of in 2018.

After Sunday's game he would not be drawn on his future, saying: "None of us had a minute to think about our individual future, it was all about trying to stay positive and keep going and focus on the team.

"Anything with regards to the future first of all we have to go to this bad moment."

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Bowen lifted the Europa Conference League trophy after scoring West Ham's winner against Fiorentina in Prague in 2023

Captain Jarrod Bowen is the crown jewel in West Ham's squad.

Along with Tomas Soucek and goalkeeper Alphonse Areola, he is one of only three players who started the Fiorentina triumph still at the club.

Bowen's status was factored into the seven-year contract he signed four months later. The question is, will he stay?

Although he is clearly one of their most saleable assets, the hope is Bowen will lead the promotion charge.

After West Ham's relegation was confirmed, he told Sky Sports: "I'm under contract here. There's going to be rumours, talk and nonsense out there but, ultimately, what I see is getting this club back in the Premier League. That's where it deserves to be."

Players will be sold - but which ones?

There will be departures from a squad where contractual clauses mean most players would take significant wage cuts, up to 50% in some instances, in the event of relegation, BBC Sport has been told.

Axel Diasi, Adama Traore and Callum Wilson are all out of contract in the summer.

Midfielder Mateus Fernandes has been linked with Paris St-Germain and Manchester United and seems certain to move on, with West Ham hoping for a significant profit on the £40m they paid for him last August.

Senegal defender El Hadji Malick Diouf cost £19m from Slavia Prague in July. He is also a player West Ham could make a profit on.

The problem is there are plenty of others West Ham will struggle to shift, given some calamitous recruitment since that famous night in Prague - the £105m subsequently received from Arsenal for Declan Rice, and more, has been squandered.

They paid £40m to sign Max Kilman from Wolves in 2024 on a seven-year contract. He hasn't played a single minute since the end of January.

Germany striker Niclas Fullkrug signed a four-year deal in 2024, when he was 31. He joined AC Milan on loan in January after scoring just three goals in 29 appearances for the Hammers in an injury-troubled spell.

James Ward-Prowse still has another year left on the contract he signed in August 2023. He started seven games and was a substitute in another five after joining Burnley on loan in January.

The list goes on.

Next season, West Ham must face up to a challenge those fans who celebrated success in Prague could never have imagined possible.

A lot of work lies ahead if they are to make a success of it.