As world finance grapples with its biggest crisis in decades, football is not immune.

Yet as West Ham stare at potential chaos and other clubs glance nervously at their debts, Jeremy Peace is looking at the future with confidence, after announcing annual pre-tax profits of £11.3m at the weekend.

In fact, the Albion chairman is convinced most of football will ride out the banking storm – with the Baggies at the most resilient of footballing businesses.

Peace said: “On a broader level, football clubs get into trouble but there seems to be always somebody else who is willing to have a go and things carry on.

“To a degree that can work against clubs like ourselves who are trying to live within our means and run things sensibly.

“When clubs have a go they may fall over in some shape or form but then other people come in and have a go, or even the same people bring the club out of administration and carry on.

“As always it’s a fairly unique business that seems to sit apart from reality but I think the general economic climate will affect everyone.”

Yet Peace is convinced that the Baggies’ prudent financial management will stand them in the best possible stead for the coming months.

With Premier League television cash likely to increase thanks to international broadcast rights, a prolonged stay in the top flight will guarantee a regular annual turnover in excess of £50m.

The Baggies have yet to see any significant signs that fans are cutting back on attending matches or spending on club merchandise.

Peace said: “The biggest segment of our revenue is the Premier League revenue. That is about 60 per cent of our revenue. They have got the contract that runs for this year plus another and they will be doing the pre-marketing for the next deal very soon.

“The international rights are clearly growing in value so, from a Premier League point of view, I think the business is pretty sound, fundamentally strong and popular.

“If there is going to be a wave of redundancy in this country and worldwide, at what point to people stop playing their TV subscriptions?

“Or do they keep their Sky subscription because they can’t afford to go out? I suspect people will keep Sky, because they will be staying in a lot if things get really tough.

“So I think we’re quite robust from that point of view. On the retail side things are holding up quite well. Whether it goes off the edge of a cliff next month, who knows?

“We have noticed people are buying the shirts and the clothing but the gift items are staying on the shelves a little longer. Generally it is holding up quite well.

“Conferences and events are a pretty small part of our business and that is flat at the moment.

“As an employer you can’t really be laying people off and still having an office party but that’s still a very small part of our business.

“In terms of ticketing prices I think we have reduced them to a very attractive level. I am very pleased at the take-up.”