Kieran Maguire: Jeremy Peace could now get off scot-free amid £5m West Brom twist
Jeremey Peace may survive the independent investigation into a £3.7million loan paid to him by West Brom unscathed.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest twist in the drama surrounding the Albion owner.
Peace, who was formally involved with the Baggies for 16 years, sold the club to Guochuan Lai in 2016.
Two years previously, the 66-year-old loaned himself £3.7m from the club’s own purse, and the that figure he owes has since risen to £5m with interest.
In a new twist, West Brom, who currently sit 16th in the Championship and are juggling multiple off-pitch controversies, announced on Tuesday (20 December) that an independent investigation into the loan would take place in the new year.
The news follows lobbying from Shareholders for Albion, an organisation representing 430 minority stakeholders.
But Maguire believes Peace and those who sanctioned the loan could get off scot-free despite the anger that has characterised the saga.
“Those minority shareholders who were not part of the sale to Lai following Peace’s borrowing have been very sore that they have not been beneficiaries,” he told Football Insider’s Adam Williams.
“That borrowing was used to boost Peace’s own shareholding. They are angry that the loan made to Mr Peace doesn’t appear to have been repaid.
“There seems to be a relative lack of enthusiasm from the club to recoup those monies.
“I am sure the council that are in charge of the investigation will do a very thorough and detailed analysis into the reasons behind the loan.
“In all probability, it is likely to reveal that it was legal and that appropriate safeguards were taken.
“But at the same time, it does appear to have favoured some parties and disadvantaged others.”
In other news, Norwich City and West Brom plot moves for Aston Villa sensation Lamare Bogarde.