Mr Bernhardt feels that CEO Scott Duxbury is running the club as a business extremely well.
Speaking to the official site he said, " I have complete faith in how CEO Scott Duxbury and Gianfranco work together in improving the squad without external investment.
"Scott's self-sufficient business model is sensible and prudent in theses challenging times and will deliver success. I am confident there are strong foundations we can all build on.
We totally support his philosophy of following the West Ham tradition of bringing young players through, as well as investing in new talent where appropriate.
"But we also believe the club should not spend more than it earns and thus increase the debt. It simply isn't necessary when you have such a talented management team and pool of up-and-coming young players. It seems pointless to invest in West Ham United's world famous academy if you are then not going to use the players you have nurtured and developed."