Kieran Maguire: West Brom shareholders have sent ‘clear message’ after twist in £5m legal drama
West Brom minority shareholders have sent a “clear message” that they are deeply unhappy with the 2014 loan to Jeremey Peace.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the controversial £3.7million loan to the ex-Albion owner.
The debt, which has risen to £5m with interest, was not paid off by Peace before he sold the club to Guochuan Lai in 2016.
The Athletic reported last Monday (21 February) that disgruntled Baggies shareholders have hired law firm Gowling WLG to fight for repayment.
Per the same outlet in January, Lai intends to repay the loan but through a dividend with the club’s own money.
The results of a poll published by the Express and Star today (4 March) found that 45 per cent of fans blame Lai for the club’s current woes.
And Maguire argues that the minority shareholders have now made it clear that they too are furious with the leadership at the Hawthorns.
“I think financially, it isn’t absolutely critical,” he told Football Insider‘s Adam Williams.
“West Brom have been in the Premier League as recently as nine months ago. You get the benefit of parachute payments.
“But some shareholders feel some people have benefited more than others from share sales and the funding of the club.
“That’s why they’re now coming together. They are sending out a clear message.
“This is more symbolic for individual shareholders than it is financially significant for the club as a whole.“
West Brom are currently 13th in the Championship, eight points outside the playoff spots.
Steve Bruce’s side have not won in seven matches.
In other news, Maguire claims West Brom have struck new sponsor deal at “just the right time”.