West Ham owner Gold says crazy spending in the Premier League has to stop... as Hammers weigh up move for Chamakh

West Ham co-owner David Gold says the crazy spending in the Premier League has to stop and has predicted next month’s transfer window will have lowest amount of money spent for some years.

The Hammers chief has said that fans need to realise that their dreams of a big signing in the window often does not make good business sense.

Gold – who was previously chairman at Birmingham before taking over at Upton Park with partner David Sullivan in 2010 – used the example of Portsmouth as a warning of what can happen when spending gets out of control.

Warning: West Ham joint chairman David Gold says it is time for the crazy spending to stop

Writing for Sports Direct News, he said: ‘We have to put a lid on the crazy spending which has seen so many clubs coming to the edge and I believe there's a new reality coming in at last.

‘Personally I believe this will be the lowest spending window ever and that's a good thing. We really can't, must not go on as we have been.

‘For every Manchester United there's a Portsmouth and whilst I understand what supporters mean when they talk about signings ‘taking us to the next level’ it isn't an argument that makes a great deal of economic sense.

Falling on bad times: Portsmouth have fallen into League One after years of financial struggle

Hammer time? Arsenal's Marouane Chamakh could be heading to Upton Park in January

‘For what they are really saying is that a couple of big signings would move them from perhaps tenth to eighth place or ninth to seventh. That's an argument which if repeated in other businesses would see the people responsible sectioned.’

Meanwhile, Arsenal reject Marouane Chamakh could join Sam Allardyce at Upton Park in January.

Arsenal boss Arsene Wenger looks set to allow Chamakh to leave the club next month with former club Bordeaux also interested.

According to Goal.com West Ham are keen to explore the option of a loan move until the end of the season.

