West Ham United say staying in the Premier League is "an absolute necessity" after posting financial losses of £27.26m.
Despite spending more than £130m on transfers, and £214.4m in the last four years, they are only above the Premier League drop zone on goal difference.
The accounts, for the year to 31 May 2019, show the backing the club gave to former manager Manuel Pellegrini.
He was sacked in December and was replaced by David Moyes.
"Retention of our status in 2019-20 season is an absolute necessity for the future wellbeing of the club," said West Ham, in their accounts.
The club say there will be "serious financial consequences" should they be relegated into the Championship.
Ironically, these statements, along with an expansive note from joint owner David Sullivan, were written in October, when the club was pushing for a place in the top four.
Financial rules mean they cannot be changed despite West Ham's sharp downturn in fortunes.
The club's turnover rose 8.75% to £190.7m. Wages rose almost 28% to £135.8m after a spending spree that saw the Hammers sign Issa Diop, Lucasz Fabianski, Jack Wilshere, Andriy Yarmolenko and Felipe Anderson amongst others.