West Brom shareholders furious at Xu Ke development at The Hawthorns
West Brom shareholders are “furious” at the club’s majority shareholders after they were refused answers on the Baggies’ financial issues, according to the Daily Mail.
Shareholders For Albion (S4A) wrote to director Xu Ke demanding answers amid concerns over the club’s future. Lai Guochuan withdrew £7million in Covid relief loans for his other business and has failed to repay the debt.
West Brom also took out a £20million loan in January to cover the operational costs at The Hawthorns and the fans are now demanding proof that the figure landed in the club’s accounts.
The Mail now report on Wednesday 24 May, that S4A are angry with the outcome with Ke and West Brom declining to comment.
Scandalous
This news is extremely concerning. If the £20million loan has reached the hands of Lai, then the Baggies could be in serious trouble. The club is being run into the ground, and something has to change. Unfortunately, Lai’s tenure at The Hawthorns has reached a point of no return.
The absent owner is ruining Albion and something has to change fast. At present, the only escape route for the Baggies would be investment from elsewhere. American-based firms are beginning to become a feature amongst EFL football clubs and that could well be an escape route.
If given the chance, Lai would almost certainly jump ship if it meant clearing his debts at The Hawthorns and leaving the West Midlands financially unscathed. The fanbase want him gone. He’s only taking West Brom in one direction and that’s certainly not back into the Premier League.
The S4A’s questions are completely valid and answers are now required.
In other West Brom news, Chris Lepkowski has fumed at the latest West Brom-Xu Ke development.