West Brom expect sale or investment 'no later than end of season'
Managing director Mark Miles expects the process of a full sale or investment in Albion to be concluded 'no later than the end of the season', as revealed in the latest Albion Assembly minutes.
China-based controlling shareholder Guochuan Lai has been in talks to sell his 88 per cent controlling stake in the Baggies for some months and the club are in contact with several "credible" parties.
The Albion Assembly took place earlier this month, where members were told that either partial investment or a full sale – which are subject to non-disclosure agreements (NDA) – are on track to be concluded by next summer.
The minutes read: "MM (Mark Miles) confirmed there were currently NDAs in place which limited what he could say regarding investment/sale. However, he also confirmed he is speaking to a number of parties interested in investing in the club and expects this process to have concluded no later than the end of the season."
Miles confirmed he is in regular contact with chairman Lai, who will make the final decision on any share sales. The MD, though, insisted he will provide recommendations.
Assembly members were also told Albion will be "active" in the upcoming January transfer window under head coach Carlos Corberan as the club continues with the necessary process of lowering the wage bill. As in the the past summer, any Albion player could be available for the right price and should sufficient offers be made, the club would need to consider them.
It was confirmed that stance would remain in the new year regardless of any sale or investment.
An update on the controversial Wisdom Smart loan also confirmed there had still been no repayment from Lai's WBA Group of the initial £4.95million taken from the club in March 2021, to aid another of the controlling shareholder's business ventures, Hong Kong-based Wisdom Smart. That figure is now well in excess of £5m including interest.
Several promised repayment dates have been missed. Miles said he remains in dialogue about the issue, though the update added that should repayment not occur, it will be be included in any takeover or investment process.
It was confirmed earlier this year that West Bromwich Albion Holdings Limited, a subsidiary of Lai's Yunyi Guokai (Shanghai) Sports Ltd were listed as a guarantor for the loan.
Club accounts to June 2022 published earlier this year, though, stated "the full amount totalling £5,059,000 has been impaired to a carrying value of £Nil." fuelling the belief of fed-up supporters that the cash will not be repaid.
