Like Newcastle and Middlesborough a few seasons back, the possibility of this happening has been on the cards for a while now. Mismanagement of resources, poor ownership, lack of support for managers (Zola/Curbishley), financial disarray, a stream of unconvincing and wasteful signings and an inability to follow a set of short and long-term objectives. In 2007, they could have been relegated due to point deductions for the Tevez/Mascherano signings. Last season they finished in 17th with a measly 35 points.
Then again it could have been all so different with a bit more direction. According to The Guardian, West Ham threw away 22 points from winning positions whilst Grant was in charge.