The total loss during Guochuan Lai’s final season at West Brom has now been revealed.
After several tough years under the ownership of Lai, West Brom now have a new and ambitious owner in place.
Shilen Patel has completed his takeover of West Brom and the fans have quickly warmed to him.
But it seems like Patel and West Brom may be paying for the destruction of the Lai ownership for some time to come.
West Brom record £11m loss
An emerging update from BBC has revealed that West Brom during Lai’s final full season at the club, the 2022/23 season, saw the Baggies record an £11million loss.
It came after an increase in staff wages, which BBC say is largely due to the arrival of Carlos Corberan and a new backroom team after the sacking of Steve Bruce, as well as a £7.7million decrease in turnover, largely due to decreases sponsorship deals and parachute payments decreasing too.
There was also £11.4million spent on players.
Although West Brom only spent money on Jayson Molumby and Brandon Thomas-Asante that season (accounting for little over £1million, as per Transfermarkt), the Baggies had payments on Grady Diangana and Karlan Grant go out last season, followed the Covid-delayed 2021/22 season.
Latest on loans owed
Lai caused controversy at West Brom by taking a £4.95million loan against the club during the pandemic, to help cover the costs of his other businesses.
But this loan has now been paid off by Patel’s West Bromwich Albion Group Limited.
There’s also another £20million loan taken out by MSD Holdings UK Limited at the end of 2022.
This loan was furthered by £8million this season, though Patel says this loan will be paid off in instalments, as per BBC Radio West Midlands.
New owner and message to fans
Florida-businessman Patel seems to have been keen to further himself in football for some time.
And now that he’s completed his West Brom takeover, he’s wasted no time in mending the relationship between fans and the club.
He feels like a complete opposite to Lai and there could be a promising summer ahead, especially with West Brom pushing for promotion to the Premier League.
Upon completing his takeover last month, Patel gave this message to fans:
“I’m a big believer in transparency and communication. I think it’ll be up to me to learn more about everybody involved, but I think my goal is to be communicative and open.
“I think that the plans that we have for the club are plans that everyone should be excited about and that everyone should have a relationship with.
“I look forward to having an ongoing dialogue with the fans and all of the other stakeholders of the club.”
West Brom return to Championship action vs Stoke City this weekend.