West Ham co-owner believes January’s transfer window will see the lowest amount of money spent for some time.

Gold – who was previously chairman at Birmingham before taking over at Upton Park with David Sullivan in 2010 – referred to Portsmouth’s demise as a warning of what can happen when spending gets out of control.

And the Hammers chief has urged fans to realize that signing a big player or two in the window may only mean moving up a couple of places in the league table and often defies business logic.

Writing for Sports Direct News, Gold said: “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.

“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.

“For there is actually very little difference between finishing two places further up if it has cost you a £10 million fee, say, and the same in wages. In four words: “It makes no sense.”

“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 go on as we have been.”

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