Chairman Jeremy Peace has effectively put West Bromwich Albion up for sale. He said in a statement that he will listen to any ‘substantive and sensible proposals which are in the best long-term interests of the club’, including those for his 51 per cent of the club’s shares. The reasoning behind his decision is simple: the club needs more money to compete effectively in the Premiership.
Chairman Jeremy Peace has effectively put West Bromwich Albion up for sale. He said in a statement that he will listen to any ‘substantive and sensible proposals which are in the best long-term interests of the club’, including those for his 51 per cent of the club’s shares. The reasoning behind his decision is simple: the club needs more money to compete effectively in the Premiership. Its current financial model restricts the level of payment on players that he thinks will be necessary to keep the Baggies in the top flight. It is sometimes claimed that promotion from the Championship is worth £50 or £60m, but this is really over three years. Only a portion of the cash will be available for investment in the first season which is why so many clubs come straight back down again. Peace said, ‘We have always tried to organise the club’ finances on a sensible and prudent basis and we will continue to do so. However, the reality is that to be successful in the Premiership a club of our size needs significantly more financial backing.’ Estimates of the club’s value vary from £25m to £60m, bearing in mind its training ground, Premiership earnings and increasing television revenues.