Following their relegation from the Premier League after just one season, the Seasiders came painfully close to an immediate return to the top flight.
Carlton Cole edged the Hammers in front at Wembley, before Tom Ince levelled the scores at the beginning of the second half.
The winner came in the final moments of the contest, with Ricardo Vaz Tê proving to be the hero for the East London outfit.
This marked the beginning of a slump for Blackpool, as members of the 2010 promotion-winning team went their separate ways, while issues with the then-Oyston ownership increased.
Here’s a look at where the Seasiders squad that lost to West Ham are now:
1. Where Blackpool's 2012 squad are now
Blackpool were defeated by West Ham United in the Championship play-off final on this day in 2012. Photo: IAN KINGTON
2. Matt Gilks
Matt Gilks made 200 appearances for Blackpool during his playing career. Since retiring in 2022, the 43-year-old has worked as a goalkeeper coach under Ian Evatt at Bolton Wanderers, and more recently with Barnsley. Photo: ANDREW YATES
3. Neal Eardley
Neal Eardley played for Blackpool between 2009 and 2013, and now works with the club's youth squad. Photo: Mark Thompson
4. Ian Evatt
Ian Evatt made 254 appearances during his playing career for the Seasiders, winning two promotions, and returned to Bloomfield Road as head coach back in October. Photo: Richard Heathcote
5. Alex Baptiste
Alex Baptiste was part of the Seasiders back four for the 3-2 victory over Cardiff City at Wembley. Since retiring in 2022, the 40-year-old has worked as an agent. Photo: Richard Heathcote
6. Stephen Crainey
Stephen Crainey was another long-serving player at Bloomfield Road, representing the club between 2007 and 2013. The 44-year-old is also back at Bloomfield Road as an assistant to Evatt. Photo: IAN KINGTON