New West Ham owner David Sullivan admitted he would not have bought into the Irons were it any other club.
The life-long Hammers fan has, along with business partner David Gold, a former youth team player at Upton Park, acquired 50% of the Barclays Premier League outfit in a deal which values the club at £105million and gives the duo operational and commercial control.
"We would not buy this club at all if this wasn't West Ham," said Sullivan, sporting a claret coat to mark the special occasion.
However, while living out a boyhood dream Sullivan - who helped turn the fortunes of Birmingham around before selling the club last year - admitted their latest venture made no business sense whatsoever.
West Ham's overall debt stands at around £100m, owed to both banks and other clubs, including settlements to Sheffield United over the Carlos Tevez affair and former manager Alan Curbishley.
"It makes no commercial sense for anyone to buy this club and it's amazing that two other people wanted to buy it," he added.
"One is another West Ham supporter (Tony Fernandes) and the Italian (Massimo Cellino), I am not quite sure if he looked at the books properly, but if he looked at the books he might have walked away."
"We bought this as supporters, not from a business point of view.
"We will raise more money and, with other people, will dig the club out of the mess it is in."
Gold, though, maintained: "We are not potty fans.
"It is that delicate balance, and what we have achieved over the years is we have demonstrated is we are not going to do anything mad. We are sensible in our approach, and are measured. That is what we bring to the table."
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