By Kieran Maguire

30th Jul, 2022 | 1:08pm

Kieran Maguire issues 'overspending' claim as £243m-plus West Brom details emerge

West Brom could have future parachute payments slashed as the EFL attempts to stop chronic “overspending” in the Championship – but the initiative is unlikely to be a success.

That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about how the so-called ‘new deal’ for English football might affect recently-relegated sides like the Baggies.

The Times reported on Tuesday (26 July) that the Premier League and EFL are on the verge of an agreement to reform the solidarity payments system.

It is understood that parachute payments are set to be slashed, with the money instead diverted to merit-based payments for Championship sides.

New as yet unspecified spending controls are also to be introduced.

The Premier League dished out £243million in parachute payments in 2017-18, the last time they officially disclosed their financial data.

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Albion are now into their second year of parachute payments after they fell out of the top flight in 2020-21.

Maguire claims that the new system will take money out of relegated teams’ pockets without achieving its aims.

He told Football Insider’s Adam Williams: “Will it stop overspending in the Championship? It’s unlikely.

“If we go back to 2014 and 2017 when the Premier League had new TV deals, both of them significantly increased the solidarity payments in the EFL but that just went straight through to wages.

“So, we will wait and see but I wouldn’t be getting the bunting out just yet.

They will try and tie it to some form of wage control. But they will also have the added difficulty of gettting the PFA on board as well.”

In other news, MK Dons, Cheltenham and Crewe Alexandra race to sign West Brom rising star Ethan Ingram.