Kieran Maguire lambasts ‘disturbing’ West Brom latest – ‘an embarrassment and a disgrace’
The ruling West Brom regime are an “embarrassment and a disgrace” for leaving minority shareholders and supporters in the dark over key governance issues.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest controversy behind the scenes at the Hawthorns.
Guocuhaun Lai, who owns 88 per cent of the Baggies, lent himself £5million from the club purse last year and has missed the repayment date.
Shareholders for Albion own the remaining 12 per cent of the club and are growing increasingly frustrated by Lai’s lack of transparency.
The Daily Mail reported last Friday (14 October) that the group is livid that they have not been told the reason for the creation of a new holding company, the Fairway Trust.
The group is based in tax haven Jersey and has not given any comment to the media or to Shareholders for Albion.
Maguire claims that the latest palaver is emblematic of Lai’s disregard for the club.
“The governance of West Brom has been an embarrassment and a disgrace,” he told Football Insider’s Adam Williams.
“The way the owners hold the fans and minority shareholders in complete contempt is very disturbing.
“The loan from the club to the owners appears to have gone through on the nod of the board, which while perfectly legal, does show that they only see the club as a vehicle for making money.
“Having no independent directors or golden share can lead to decisions being made that are only in the interests of those making them.”
In other news, ex-Chelsea number two Jody Morris opens West Brom manager talks.