West Brom majority owners REFUSE to answer questions about the club’s financial status, with shareholders furious at being left in the dark after a lack of clarity over loan repayments
- West Brom’s majority owners have refused to answer a list of financial questions
- Shareholders for Albion feel they cannot inspect their own company’s accounts
West Bromwich Albion shareholders are furious at the club’s majority owners 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 director Xu ‘Ken’ Ke demanding clarity over a number of issues, amid concerns over the club’s future.
Baggies owner Lai Guochuan withdrew £7million from the club in ‘Covid relief loans’ for his other businesses and has since failed to meet several repayment deadlines. In March, the club effectively wrote off £5m of this.
West Brom’s owners have refused to answer a list of 38 financial questions sent by shareholders
Owner Lai Guochuan withdrew £7million from the club in ‘Covid relief loans’ for his other businesses and has since failed to meet several repayment deadlines.
Lai has also failed to settle another debt of about £5m, which was inherited from the club’s previous ownership, despite assurances he would.
Fans have now asked to see proof that a £20m loan taken out by Lai in January to cover operating costs has landed in the club’s bank account.
Ken has rejected the opportunity to address SFA’s concerns. SFA chairman Leigh Kent told shareholders: ‘This effectively removes your ability to fully consider the acceptability of the accounts of the company which you part-own. This is clearly both unacceptable and unfortunate given the position the club is now in.’
West Brom declined to comment.
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