£5m West Brom investigation extended until Easter as minority shareholders informed
West Brom fans will need to wait patiently until Easter next year for the findings to be revealed over the investigation into Jeremy Peace’s loan, according to Express & Star.
The news outlet reported [15 December] that the former chairman of West Brom took a £3.7million loan out from the club in 2014 and placed it in his own company, WBA Holdings. The debt was then inherited by current owner Guochuan Lai following his takeover in 2016.
With the debt now understood to be totalling £5million due to interest, and never being paid back, an independent probe was launched at the beginning of the year, expected to release its findings within six months. However, the investigation will continue until Easter next year.
More money, more problems
The financial side of West Brom is probably the most worrying at The Hawthorns. Even despite one of the best starts to a season in years at the club, there is still a shadow hanging over the club and it has all to do with money.
This investigation is just another thing for Baggies fans to worry about, with most of the focus on the sale of the club. However, there has been little to no movement on that either.
Luckily, the uncertainty does not seem to be affecting the football on the pitch, with Carlos Corberan leading his men to a fifth-place spot in the Championship and the aim of playing Premier League football next season.
It may be a long road until the end of the season, on and off the pitch, but West Brom have shown that they can compete against some of the best teams in the league, especially in their narrow defeat to league leaders Leicester City.
That loss, coupled with a 2-1 defeat to Sunderland in consecutive games, West Brom’s progress halted before Rotherham United presented them with an opportunity to get back into form.
The displays on the pitch are currently papering over the cracks of the behind-the-scenes action currently going on at The Hawthorns.
In other West Brom news, Tony Brown has blasted an Albion player after what he did against Rotherham.