David Gold believes he and fellow West Ham co-owner David Sullivan overpaid for the debt-ridden east London club, which he has described as a "car crash".
The duo, who have strong roots in the area, have bought a controlling stake in the club for £50million and soon after completing their takeover went public with the Hammers' financial problems.
Gold admits he and Sullivan were "mad" to pay what they had and only did it because of their emotional attachment to the club.
He told the Daily Telegraph: "It's madness what we have paid. The place was a car crash. Every page we turned in every document revealed yet another problem. It was the worst set of figures I have seen."
Gold, who along with Sullivan was the former co-owner of Birmingham, believes in general terms the men running the finances of Premier League clubs have "lost the plot".
The 73-year-old said: "You have to say I'm certifiable, potty. There's no other business like this. In fact that's a misnomer, it's not a business. We've lost the plot.
"The Premier League is pulling in more money than any other league the world has ever known, yet show me a club making a profit. It's insane."