West Ham have announced plans to raise £20-40million from professional investors in a bid to solve the club's financial problems.

The Hammers were bought by former Birmingham owners David Sullivan and David Gold last month with reported debts of around £100million. West Ham have approached Shore Capital and Corporate to conduct the fundraising, which is initially aimed at professional investors but may be opened up to fans at a later date.

Deputy chairman Karren Brady said: "Although this fundraising is initially aimed at professional investors, I would love to be able to bring in our loyal and fantastic fan base as investors further down the line so that they can share in the club's great future, on and off the pitch. This is an option which we have seriously under review."