PLC chairman Kevin McCabe has pledged that he will also back Sunday opponents Wigan Athletic if they too are unsuccessful and will be forced to play Championship football next season.
McCabe said: "We will support Wigan if they go down — and will continue to liaise with other clubs after the season."
"Our turnover in the Premier League would be £50m compared to £10m back in the Championship," said McCabe.
"We have crowds this season of 31,000 that would slump by a good 10,000. Then there is the anticipated shortfall in commercial revenue.
"But it's not so much a case of gaining recompense as protecting our position in the hope that the Premier League will reconsider their decision and appoint a new tribunal.
"It was an unjust decision. We might as well all field illegal players every week. We could sign, say, David Beckham, play him on Sunday and only get fined.
"Here are West Ham still playing an international whose signing has breached the rules. It's just not on."