West Brom reach out on status of £5million amid continued financial woes
West Bromwich Albion’s managing director reached out to determine when the club’s £5million loan will be repaid, according to iNews.
The newspaper reported online (29 September) that Mark Miles approached West Bromwich Albion Group, the club’s parent company, to determine if Hong Kong-based company Wisdom Smart, owned by Guochuan Lai, will repay their debt to the Baggies.
The loan was given by West Brom two years ago to help Lai’s other business ventures during the pandemic, but it is yet to be paid back to the club.
Needed
West Brom’s financial struggles continue, and getting back their £5million would go a long way in helping alleviate some of this pressure.
iNews made it clear that the Baggies need to sell playing staff just to keep the club operational, suggesting that every penny counts at the Hawthorns.
Frustrations will be growing in the West Brom boardroom as Lai has repeatedly promised the loan and its interest will be paid back to the club, but this is yet to come to fruition.
West Brom is still up for sale after Lai’s over seven-year involvement with the Baggies. The Express and Star reported (26 September) that Miles had confirmed that the club are in talks regarding a potential takeover with “several interested parties” at the negotiating table.
Controlling shareholder Lai is determined to part ways and is happy to lose money on his investment after paying £200million for 88 per cent of the club in 2016. The club is now valued at £35million.
Fortunately for Baggies fans, the football on the pitch has been relatively successful. They will be keen to move up the table from their current 13th spot, but just two defeats this season and a convincing win against Middlesbrough show that not all is lost just yet.
In other West Brom news, a Preston injury update suggests a key player could return for their Championship clash against the Baggies.