West Brom Go Private - 21/11/2004

West Bromwich Albion have followed Sunderland and the owners of Bolton Wandererers in taking themselves off the stock market and converting into a private company. Shareholders have been offered one new share in a specially-created bid vehicle or a £72.50 cash alternative. The cash option values the club at £10.14m. The current share price is £68 compared with £100 when the shares started trading on Aim almost eight years ago. In the year to 30 June turnover fell from £28.4m to £20.6m. There was a pre-tax loss of £110,000 compared with £639,000 previously. The losses reflected relegation last year and the consequent loss of income, mainly from media rights. The club is having to reduce its squad to offset the effects of a summer spending spree by former manager Gary Megson. Three players have already left since September and a further six will be moving on in the near future to reduce the squad from thirty-one to twenty-five.