London's Olympic Stadium, the venue for so many unforgettable memories in the summer of 2012, will be West Ham's new 54,000-seater home in 2016. Billed as the Hammers' ticket to attracting big names and competing for silverware, the club's Olympic Stadium deal presented a bright future that only the most pessimistic supporters would not have bought into.

But this dream could yet turn into a nightmare, as it remains to be seen whether the stadium will be playing host to Premier League football by that point. With West Ham slumped in the relegation zone and manager Sam Allardyce searching for answers, the club's future is shrouded in uncertainty. The consequences of relegation do not bear thinking about.

The immediate concern is the fight for top flight survival. The Hammers are by no means adrift in the bottom three, but it is hard to find a team in worse form. November and December were wretched for West Ham – contributing a measly six points from 10 games – while January has been no better thus far. The loss to Fulham was another reminder that this team is not too good to be relegated while the 5-0 defeat against Nottingham Forest in the FA Cup just added salt to the wounds. 

Hammers fans are likely growing weary of the excuses. Injuries to £15m signing Andy Carroll and a string of defenders have played their part in the team's miserable run, but West Ham are not alone in losing important cogs. Allardyce has been quick to cite various reasons for the Hammers sitting in the drop zone, however when a team lacks organisation, passion and discipline, the buck tends to stop with the manager.
 

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Increasingly, it looks as though the January transfer window will decide the club's fortunes this season. West Ham desperately need an injection of new blood in the current window, and it is unlikely the loan signing of Roger Johnson from third tier Wolverhampton Wanderers will do the trick. It will certainly help to have Carroll back from injury and playing regularly – likely by mid-January – but defensive weaknesses have been exploited over the past few months. Meanwhile, too much is still expected of players whose peak years are a distant memory. Kevin Nolan and Joe Cole, for instance, are holding down places in the starting midfield. Scoring goals is a challenge; keeping them out at the other end has been equally tough.

Take the recent 3-3 draw at home to West Brom as Exhibit A. The Hammers were sloppy in possession throughout and disorganised defensively, in part due to injuries that deprived Allardyce of all his centre-backs. The home crowd quickly grew frustrated with the lacklustre performance, greeting the team with boos at half-time and full-time. But for one frantic period in the second half, there was no hostile, noisy atmosphere to trouble the visitors – perhaps the locals are beginning to fear the worst. The extent to which Allardyce's job is in jeopardy remains to be seen – but there were several calls for his dismissal during the West Brom game.

Allardyce has admitted that the pressure of the situation – relegation fears combined with the stadium deal – mean the stakes could not be higher.

“The extra pressure here is the magic of the Olympic Stadium”, he explained. “Since I arrived here, I knew that was the ultimate business plan, to make sure West Ham are an established Premier League side when they go into this fantastic new arena. I don’t think it creates pressure on the players because it is this season and two more away, so I don’t think the players think about that. From a financial point of view, we all know what a disaster it is not to be in the Premier League and it is a bigger disaster than ever before because the money has gone through the roof again.”

One advantage for West Ham is Allardyce's experience in similar situations while at Bolton. During his time at the Reebok Stadium, he stared relegation in the face on numerous occasions but always found a way to beat the drop, either by extracting more from his current squad or by dipping into the transfer market.

The Hammers are banking on a similar revival over the coming months. The two legs of the League Cup semi-final against Manchester City may prove to be a welcome distraction but their Premier League schedule is unpleasant reading. A trip to Cardiff for Ole Gunnar Solskjaer's first home game is followed by a visit from a buoyant Newcastle and a journey to Stamford Bridge.

January promises to be a busy month at Upton Park, even if it remains to be seen whether the club's owners will provide the funds which will add real long-term impetus, rather than a short-term push, to the Hammers' squad. And, all the while, the Olympic Stadium dream is hanging by a thread.

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