West Brom must follow the “Burnley model” if they are to secure long-term financial success in the Premier League. 

That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after it was revealed that West Brom made a £23.7million loss for the 2019-20 financial year.

Those figures account for a season in the Championship and show that overall turnover fell from 70.8m to 53.7m over the course of the pandemic-struck year.

West Brom won automatic promotion in 2019-20 but would need a miraculous turnaround if they are to survive in the top-flight this time around.

Maguire urged West Brom to follow the “Burnley model” if they are indeed relegated at the end of the current campaign.

“The Championship is a brutal division to get out of,” he told Football Insider correspondent Adam Williams.

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“You’ve got clubs who are in receipt of parachute payments and clubs who have ambitious owners who are prepared to do anything, including selling the club’s stadium to try and get into the Premier League.

“Once you’re there, you’re desperate to avoid getting relegated, so you spend money. Brighton for example have had four seasons in the Premier League. They made a profit in the first and then losses in seasons two, three and four.

“It’s the same with most promoted clubs. And the profits aren’t usually big enough to cover the losses for the profits in the initial years.

“I think what teams like West Brom can do is follow the Burnley model. They barely spent any money the first time they were promoted in 2012, got relegated again and then used the parachute payments to revamp the squad and make it one that was capable of competing.”

West Brom boosted their chances of survival with a shock 5-2 victory over Chelsea at Stanford Bridge on Saturday.

They remain in 19th place in the table but the win brings them to within seven points of Newcastle in 17th.

In other news, pundit claims “things will get heated” if West Brom appoint 53-year-old as manager.