West Brom’s majority shareholders REFUSE to answer questions about the club’s financial status, while shareholders are furious at being left in the dark following a lack of clarity over loan repayments
- West Brom’s majority shareholders have declined to answer a list of financial questions
- Shareholders of Albion feel that they cannot access their own company’s accounts
- Baggies owner Lai Guochuan withdrew £7 million from club in ‘Covid aid loans’
West Bromwich Albion shareholders are furious with the club’s majority shareholders after they refused to answer any of their 38 questions about the club’s financial status.
Shareholders For Albion (SFA), who own 12 per cent of West Brom, wrote to managing director Xu ‘Ken’ Ke asking for clarity on a number of issues amid concerns over the club’s future.
Baggies owner Lai Guochuan has withdrawn £7 million from the club in ‘Covid relief loans’ for his other businesses and has since failed to meet several repayment terms.
In March, the club actually wrote off £5 million of this.
Lai has also failed to clear another debt of around £5m that he inherited from the club’s previous ownership, despite assurances he would.
The owners of West Brom have declined to answer 38 financial questions from shareholders
Championship owner Lai Guochuan (above) has withdrawn £7million from the club in ‘Covid relief loans’ for his other businesses and has since failed to meet several repayment terms
Fans have now demanded to see evidence that a £20 million loan Lai took out in January to cover running costs has landed in the club’s bank account.
Ken declined the opportunity to address SFA’s concerns.
SFA Chairman Leigh Kent told shareholders: ‘This effectively takes away your ability to fully consider the acceptability of the accounts of the company you co-own.
“This is clearly both unacceptable and unfortunate given the position the club is in now.”
West Brom declined to comment.