West Brom shareholders will want answers amid 'very messy' £5m reveal - Kieran Maguire
West Brom shareholders will continue to push for a full investigation into a £3.7million loan paid to Jeremy Peace in 2014.
So says finance boffin Kieran Maguire, speaking exclusively to Football Insider about the transaction between the club and ex-owner Peace.
As reported by the Express and Star on 30th July, minority shareholders at Albion have failed in their maiden attempts to usher in a full investigation.
The majority of shareholders voted in favour of the proposal but they were unable to convince the club’s Chinese ownership.
The loan itself, which is now worth £5m with interest, was made by West Brom to Peace’s former company WBA Holdings in 2014.
The loan was passed on to current owner Lai Guochuan after he bought WBA Holdings two years later.
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The accusation, which Peace has denied, is that the ex-owner used the money to increase his stake in the club before it was sold to Lai.
Maguire claims the situation is “very messy” and that the disaffected shareholders will continue to champion a comprehensive investigation.
“Jeremy Peace has done very well out of the sale to Lai Guochuan,” he told Football Insider correspondent Adam Williams.
“I think the Premier League will be encouraged to investigate on behalf of those shareholders who feel they have been financially disadvantaged.
“This has all got very, very messy. But when it comes to breakdowns of shares, there can be winners and losers.
“Some people are able to leverage additional money to increase a stake in a business before it is then subsequently sold.”