West Ham United's Fan Advisory Board (FAB) held a long-awaited meeting with senior club officials on Thursday, February 26, 2026. The session, which took place at the London Stadium, came amid mounting supporter frustration, ongoing protests, and intense speculation about the future of Vice-Chair Karren Brady.
Attending on behalf of the board were Brady (the most senior representative), Ticketing Director Nicola Keye, and Head of Supporter Services Kerry O’Shea. Fan representatives raised issues around governance, ticketing, stadium operations, and the club's overall direction — topics that have been simmering since the FAB issued a public vote of no confidence in the board last September.
As of February 27, 2026, no official minutes or summaries have been published by the club or the FAB. West Ham's standard practice is to release agreed actions within 7–14 days, so fuller details may emerge soon. However, early reports from those close to the meeting paint a picture of a tense but professional discussion.
Brady Signals She Is Staying — For Now
"Facing any financial crisis or downturn, not that we view this as one, you'd want someone with her business acumen and experience to take us out of it. "West Ham Team Source
One of the most notable takeaways is Brady's apparent determination to remain in her role. According to sources, she indicated she would personally host the next FAB meeting, a move widely interpreted as a clear signal that she has no immediate plans to step down despite persistent rumours of her exit. FAB-linked accounts (via the West Ham United Independent Supporters’ Committee) were asked directly whether Brady would leave and responded: “not at the moment.” It appears no direct question on her future was put to her during the meeting itself. The gathering was originally delayed from late January and took place just 24 hours before the club’s financial accounts deadline — timing that was no coincidence. The accounts also revealed a raise for Brady, who is now making over 1.25 million quid.
A team source further explained Brady's commitment to stay. "You are talking about someone who's never backed down from a challenge her entire life. Facing any financial crisis or downturn, not that we view this as one, you'd want someone with her business acumen and experience to take us out of it. She is committed to West Ham and if she ever decides to leave, the team and its finances would have to be in the best possible place."
The Financial Reality: Record £104.2 million Loss for 2024/25
The meeting occurred against the backdrop of West Ham’s worst financial year in the modern Premier League era. On February 27, 2026 — the day after the FAB session — the club released its accounts for the year ended 31 May 2025 (WH Holding Ltd consolidated results). The figures confirmed what many had feared: a club-record pre-tax loss of £104.2 million. Here is a detailed breakdown of the losses over that period (the most recent full 12-month financial cycle directly relevant to the meeting discussions):
• Net loss before tax: £104.2 million (compared to a £57.2 million profit in 2023/24 — a swing of more than £161 million).
• Turnover: £227.6 million (down £42.1 million from £269.7 million the previous year).
• Profit on player sales: Just £20.0 million (a dramatic drop from £96.3 million in 2023/24).
• Operating expenses: £336.2 million (up from £307.4 million).
• Employment costs (wage bill): £175.9 million total staff costs, with wages and salaries at £152.9 million (up from £140.7 million).
• Amortisation of player registrations: £99.4 million (significantly higher due to previous transfer spending).
Key drivers of the loss, as stated by the club:
• Significantly lower profit on player sales.
• Higher amortisation charges.
• Poorer Premier League finish (no European football income).
• Fewer live broadcast games.
The club confirmed it remains compliant with Premier League Profit and Sustainability Rules (PSR) and expects to meet the incoming Squad Cost Ratio (SCR) rules. However, the accounts highlight relegation as a principal risk, with contingency plans in place, including two-season budgeting and further player trading if needed. Net debt stands at £20.3 million, with substantial transfer creditors (£201.7 million total) and new financing facilities secured (including a £124 million term loan).
Media coverage has been blunt: relegation would have “serious” and “severe” financial consequences, potentially forcing sales of key players such as Jarrod Bowen.
With the accounts now public, pressure on the board is unlikely to ease. Supporters continue to demand greater transparency on player recruitment responsibility, long-term strategy, and Brady’s role. The FAB has previously pushed for a private financial briefing and clearer governance — issues that were almost certainly revisited on February 26.
While no verbatim transcript exists (the club only releases high-level summaries), the combination of the meeting and yesterday’s accounts release has given fans a stark snapshot of where the club stands: heavy losses, no European revenue, and a board that appears dug in despite widespread discontent. Official FAB minutes are expected within the next two weeks, and further supporter group commentary (from Hammers United and WHUISC) often follows quickly. In the meantime, the £104.2m loss has already intensified calls for change at the top.