Kieran Maguire lambasts ‘more broken promises’ amid £200m West Brom takeover news
West Brom supporters are “cynical and tired” of being subjected to “broken promises” by deeply unpopular owner Guochuan Lai.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest news from behind the scenes at The Hawthorns.
Lai missed a 31 December deadline to repay a £5million loan he took from the club purse in 2021 to aid one of his other faltering businesses.
The club have said that the Chinese billionaire will reimburse them at an unspecified date “early in the new year.”
The Express and Star reported last Friday (6 January) that Lai is likely to sell the club if he can recoup the cash he has pumped into since his takeover.
He would first have to receive an offer in excess of the £200m he paid Jeremey Peace in 2016, plus operational costs.
But, explains Maguire, Lai will be unable to sell the Baggies before repaying the £5m loan.
“Lai’s failure to repay the loan will come as no surprise to West Brom fans,” he told Football Insider’s Adam Williams.
“They have become cynical and tired of all the broken promises they have received. The loan has been outstanding for a significant amount of time and has attracted a very low rate of interest.
“In terms of his inability to pay, it would appear that his personal businesses back in Asia have given him cash flow issues. There is a slightly different Covid regime in countries like China which has impacted some businesses.
“The downside from a West Brom perspective is that, if he cannot pay, it is unlikely that anyone is going to force him because he owns 88 per cent of the shares.
“Another negative of this is that if he is looking to sell the club, this is one of the adjustments that he will have to make.
“Should there be a new owner, and we should stress there is no evidence of that at this stage, it is highly unlikely they will be willing to take over debts due to the club by Lai or Jeremy Peace.“
In other news, ex-FIFA official claims Brandon Thomas-Asante faces retrospective ban as “dangerous” West Brom footage emerges.