Ian Herbert: £25m detail emerges in Hong Kong documents at company who owe West Brom millions
Daily Mail columnist Ian Herbert has slammed Guochuan Lai after there still numerous unanswered questions at West Brom.
The Chinese businessman owes the Baggies £4.95million which he borrowed from the club in 2021 to help his company “Wisdom Smart”.
Since then three deadlines have been and gone and Herbert has torn into Lai in his latest column for the Mail.
“They would also ask Lai about the £4.95million which he borrowed from their club in 2021 to help another of his companies – called ‘Wisdom Smart’ – which he claimed was struggling in the midst of the pandemic,” wrote Herbert (Daily Mail, 20 June).
“They would ask him why three deadlines to repay that money have been and gone.
“They would ask him why financial documents lodged at the Hong Kong equivalent of Companies House show that ‘Wisdom Smart’ – whatever that might be – had so much cash sloshing around last year that £25million was transferred to a reserve account, ‘to be utilised by directors in any manner.'”
Boiling point
Lai’s stewardship at West Brom is now reaching boiling point.
The fans just want some sort of communication. It’s not a lot to ask for. The consistent draining of cash and silences that follow have seen an uncertain cloud now form over The Hawthorns.
It’s hard to be positive about the new season. We all knew promotion to the Premier League would have eased Albion’s financial issues significantly. The Baggies will need improvements in the summer but it remains to be seen just how much backing Carlos Corberan will be given by the board.
The Spaniard has worked wonders during his time in the West Midlands, but he can’t be expected to mount a credible promotion push off signing free agents and cheap League Two pickups. More is required but until there’s a clear plan laid down from the top of the club, it’s hard to see where Albion go.
Change is needed and the sooner a new owner arrives the better for everyone involved. The Athletic reported on 15 June that a group including Egyptian businessman Mohamed Elkashashy and Manchester-based sports lawyer Chris Farnell are in talks of a potential takeover.
Just how credible the pair are is up for debate, but, at present, anything is better than the current ownership set-up.
In other West Brom news, a Sky Sports pundit has lashed out at a Baggies employee and has mooted serious consequences behind the scenes at Hawthorns.