West Ham caretaker boss Trevor Brooking insisted the relegated club had not received a bid for Joe Cole from London rivals Chelsea.
"There has been no bid for Joe," Brooking told the BBC following an extraordinary general meeting (EGM) Thursday, called after the club's English Premiership exit.
Some reports claimed Chelsea had offered five million pounds (eight million dollars) for England midfielder Cole. But Brooking added: "The matter wasn't even discussed."
West Ham are set to lose 20 million pounds (32 million dollars) income as a result of playing in the First Division next season.
Hammers chairman Terence Brown said he and his fellow directors would cut their salaries by 50 percent.
However that money would be reinstated in the event that West Ham gained promotion next season.
All Content is Copyright © 2003 WorldSoccerNews.com and AFP. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable. 2003