Of course, the London Stadium in itself has long since been a stick the fans have used to beat the board.

The Hammers recorded losses of over £100 million recently, too. Relegation, then, would be ‘pretty seismic’ for West Ham United’s future, stability and financial health. Those are the words of Charlie Methven, an experienced football director who saw first hand the disastrous effects of bad ownership with Charlton Athletic and former crisis club Sunderland.

Karren Brady criticised as West Ham United fight for their future

Charlie Stebbings, the host of the Business of Sport podcast speaking opposite Methven this week, highlights a claim Brady made back in 2010 – shortly after Davids Sullivan and Gold completed their takeover of Upton Park – a prime example of the broken promises which have littered the last 15 years.

“There’s a huge amount to admire about her,” Stebbings begins. “She’s done an amazing job in in many ways, particularly at Birmingham. West Ham fans will have their own views but there’s still been an increase, a 300 per cent increase in revenues at the club since she’s been there.

“They have moved into a stadium and they won a European trophy.

“But in 2010, she wrote in her newspaper column; ‘I’ll make a single pledge. While we’re on the board, we will hang in the Tower of London before your club again goes through the financial turmoil which so nearly brought it down.’

“She oversaw the stadium deal which looks increasingly short-sighted. She made a solemn promise about financial stability that spectacularly failed and leaves the club potentially heading into the Championship with £204 million in short-term debt and the squad being stripped for parts.

“That was a very bold statement. But when you highlight it like that, it’s been a failure.”

Sunderland and Leicester City dropped all the way to League One

As unpopular as the London Stadium already is, Methven feels that relegation would bring about an altogether different – and far more serious – problem.

“The one thing that cannot be questioned is that relegation to the Championship would be pretty seismic for West Ham,” says Methven. “The extent to which the TV revenues form a very large percentage of their overall revenues, almost 50 per cent.

How worried should West Ham be about SUCCESSIVE relegations? 📉

Sunderland and Leicester went from the Prem to League One in 12 months…

“And their matchday revenues which I think are predicated on the fact that they are playing in the Premier League? Will they fill that 60,000-seater stadium at quite a high rental price against much smaller clubs?”

Methven was appointed as Executive Director at Sunderland shortly after the Black Cats had suffered a second successive relegation in 2018; from the Premier League to League One in 12 brutal months.

And Stebbings can envisage a situation in which West Ham suffer the same fate as Sunderland, Wolves, Luton and most recently Leicester City.

“For West Ham, you think immediately, from year one, they’ve got some real challenges,” he concludes. “There’s a real danger it can unravel in a Sunderland or Leicester type of way if they don’t get a very, very quick grasp on some of these broader issues.”