West Brom takeover: Action for Albion issues Warmfront Holdings update
Warmfront Holdings and “all their associates” will not be buying West Brom, according to Action for Albion.
The Albion supporter group shared via Twitter on 9 February they believe the company, which is owned by Alex and has loaned money to Guochuan Lai, are not in line to takeover at The Hawthorns in any way.
A payment deadline for the current Baggies majority shareholder to pay back the millions owed has just passed, sparking suggestions that Warmfront, which appears to have changed its name to AH Holdings [Liquidator Podcast, 9 February], might have acquired a share in the club.
But Action for Albion wrote: “Just to be categorically clear, it is our belief that Warmfront Holdings, and all their associates, will not and never have been buying West Bromwich Albion. We will update when we know more as we always have.”
Clarifying they called Warmfront: “A company that Lai owes money too. Not Albion.”
Confusion over West Brom ownership and finances once more
The picture of the off-field situation at The Hawthorns remains as unclear as ever, with unpaid loans once again at the heart of the matter.
Lai of course has long-owed the club itself millions, with multiple repayment deadlines missed in that regard, and the assumption now in place that whoever does eventually buy him out will be responsible for making West Brom whole again.
Hearn, who as an Aston Villa supporter [The Liquidator Podcast, 4 February, 24m 30s] appears to be heightening the tension for Baggies fans when the stakes around the club’s future were already high enough, was reportedly involved in one of the takeover bids, alongside Chris Farnell and Mohamed Elkashashy.
But it appears they may now be ruled out of the process entirely, with Shilen Patel believed to be the most likely option since before Christmas.
It has been emphasised that it is Lai, via his company WBA Holdings, which owes money to Warmfront/AH rather than the club itself, but WBA Holdings’ only asset is an 88% share in West Brom [Adrian Goldberg, 9 February] which in deliberately-complicated financial terms might be no problem at all but to the untrained eye looks uncomfortably close otherwise.
Finance expert Kieran Maguire has also highlighted the high interest payments on the loan from Warmfront Holdings, and characterised it as terms West Brom were saddled with.
So clarity can’t come soon enough, with the financial picture at the club still a major concern and the long-awaited takeover still not settled.
In other West Brom news, Gabby Agbonlahor hit out a journalist who he told to “shut up” over Baggies criticism.
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