West Ham in Crisis: Relegation, Leadership Vacuum, and Debt Risk

West Ham's Premier League relegation triggered the exit of joint-chair David Sullivan and board member Baroness Karren Brady, leaving no clear successors. The club faces a critical squeeze: it pays top-tier salaries, its stadium lease depends on Premier League revenue, and aging majority shareholder Sullivan holds power but no active role. Without quick leadership decisions, the Championship path mirrors clubs like Birmingham City and Bolton—governance problems that make survival harder.