In order for the Hammers to compete with the Premier League elite, and push for a top-four finish, they must first find a fresh injection of cash, while also pressing ahead with their plans to move into the Olympic Stadium.
Gold concedes that he and fellow co-owner David Sullivan, who took charge of the club in January 2010, do not possess the funds required to challenge the ever-increasing number of billionaires who are pumping their fortunes into football.
They are, however, willing to bring someone in alongside them to help manage the financial burden at West Ham.
Gold said in the Daily Mirror: "You have to be a billionaire to make a major difference and there aren't many of them about.
"Of course, I'd welcome a Father Christmas. But then you look and discover that it might not be the real Father Christmas. And you know why? Because there isn't a real Father Christmas. He doesn't exist.
"In an ideal world, though, if you ask what I'd like to see happen, I would like a very wealthy person to come and join us.
"David and myself are wealthy by normal standards, but not by football standards.
"We would be reluctant to sell the whole football club because we feel part of it. It's taken us a lifetime to earn enough money to return to our roots and we won't give that up lightly. We're doing our best but it would be that much easier if there were three of us."
Gold added: "We're not going to be a top-four club straightaway. But one day it's possible, if there is a super-wealthy West Ham fan who wants to come and join the club, that could change things for us.
"Now we have to do the best we can within the areas of our ability.
"To grow the club, fingers crossed to get to the Olympic Stadium would change our whole image, would help us attract better players.
"But it all boils down to income and we have to generate more income."