West Brom chairman took £4.95m out of the club to cover covid losses

Rusty Shackleford

Well-Known Member
Sorry if already posted. News story on BBC sport reporting that West Brom’s latest accounts show their Chinese owner took £4.95m out of the club, as a loan, to cover covid losses for one of his other businesses.
https://www.bbc.co.uk/sport/football/61992838
Claims he will pay the loan back, with interest, by the end of this year. Don’t know how much £5m would have helped the club last year had it been spent on a transfer for instance, but another example of how foreign ownership could easily betray your club at the drop of a hat. Doubt much damage was done this time but it doesn’t inspire confidence
 

Souness86

Well-Known Member
Official Ticketer
Sorry if already posted. News story on BBC sport reporting that West Brom’s latest accounts show their Chinese owner took £4.95m out of the club, as a loan, to cover covid losses for one of his other businesses.
https://www.bbc.co.uk/sport/football/61992838
Claims he will pay the loan back, with interest, by the end of this year. Don’t know how much £5m would have helped the club last year had it been spent on a transfer for instance, but another example of how foreign ownership could easily betray your club at the drop of a hat. Doubt much damage was done this time but it doesn’t inspire confidence
What they need is good homegrown ownership like Mike Ashley, Karl Oyston or Sir David Murray.
 

fotze2

Well-Known Member
Official Ticketer
Sorry if already posted. News story on BBC sport reporting that West Brom’s latest accounts show their Chinese owner took £4.95m out of the club, as a loan, to cover covid losses for one of his other businesses.
https://www.bbc.co.uk/sport/football/61992838
Claims he will pay the loan back, with interest, by the end of this year. Don’t know how much £5m would have helped the club last year had it been spent on a transfer for instance, but another example of how foreign ownership could easily betray your club at the drop of a hat. Doubt much damage was done this time but it doesn’t inspire confidence
What’s the difference between home and foreign ownership? They could both do the same.
 

Rusty Shackleford

Well-Known Member
What’s the difference between home and foreign ownership? They could both do the same.
I suppose you’re right, might have been better to have put it as owners who have no connection to a club compared to those that genuinely support their club. I would say foreign ownership is more likely to treat a club as something in their portfolio that will make them money or stroke their ego rather than doing it for their love of the team though.
 

McQueen

Well-Known Member
Sorry if already posted. News story on BBC sport reporting that West Brom’s latest accounts show their Chinese owner took £4.95m out of the club, as a loan, to cover covid losses for one of his other businesses.
https://www.bbc.co.uk/sport/football/61992838
Claims he will pay the loan back, with interest, by the end of this year. Don’t know how much £5m would have helped the club last year had it been spent on a transfer for instance, but another example of how foreign ownership could easily betray your club at the drop of a hat. Doubt much damage was done this time but it doesn’t inspire confidence
Don’t really see the problem with this provided it’s paid back.

What’s the alternative, his other business goes down the tubes and everyone who works there loses their jobs?
 

Glasgow Rangers (Sco)

Well-Known Member
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cloodie

Well-Known Member
Don’t really see the problem with this provided it’s paid back.

What’s the alternative, his other business goes down the tubes and everyone who works there loses their jobs?
That's his problem. He can go and get financing through the normal channels. No supporter would want their chairman taking millions out of the club in a (almost) free loan.
 

choppy72

Well-Known Member
That's his problem. He can go and get financing through the normal channels. No supporter would want their chairman taking millions out of the club in a (almost) free loan.

To be fair it is more accurate to say that’s their problem (the supporters).

When the club became an incorporated business with tradable shares it became subject to the same laws and legislation that govern all companies.

As long as the Chairman operated within these guidelines he’s done nothing wrong.
 

cloodie

Well-Known Member
To be fair it is more accurate to say that’s their problem (the supporters).

When the club became an incorporated business with tradable shares it became subject to the same laws and legislation that govern all companies.

As long as the Chairman operated within these guidelines he’s done nothing wrong.
Aye but the discussion is whether we, as supporters, think this is okay. Just because something is doable doesn't make it right. Not sure many folk would've been happy if the Easdales had taken an interest free loan from us if one of their companies was struggling financially.
 

RenfrewBear72

Well-Known Member
Don’t really see the problem with this provided it’s paid back.

What’s the alternative, his other business goes down the tubes and everyone who works there loses their jobs?
The issue is the cheek of him taking a covid loan when it was country that gave us all covid. I typed this as I grabbed my tin foil hat, lat flow tests, and Pfizer vaccines.
 

Brissy Bear

Well-Known Member
Without knowing the full picture its hard to say.

High level, if a story came out now that Douglas Park had done same how would we feel?
If we go and add 3 quality signings this summer, plus what he's invested in past, the next accounts look good and its fully paid back with interest - I think a lot of us would be okay with it.

However, if we sign nobody / don't invest much, accounts were shocking then it would be met with anger.
 

dekcuf

Well-Known Member
Sorry if already posted. News story on BBC sport reporting that West Brom’s latest accounts show their Chinese owner took £4.95m out of the club, as a loan, to cover covid losses for one of his other businesses.
https://www.bbc.co.uk/sport/football/61992838
Claims he will pay the loan back, with interest, by the end of this year. Don’t know how much £5m would have helped the club last year had it been spent on a transfer for instance, but another example of how foreign ownership could easily betray your club at the drop of a hat. Doubt much damage was done this time but it doesn’t inspire confidence
The good news is, in a couple of years he can appoint Natalie McGarry as director of football
 
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