West Bromwich Albion: Baggies takeover on verge of completion
- Published
Preparations for the new season "will remain unaffected," Baggies fans have been told
West Brom hope to have new owners by the end of the month after the granting of exclusive negotiations to an unnamed bidder.
Exclusivity grants a bidder sole rights to deal with Baggies owner Jeremy Peace for up to six weeks.
Peace, who owns 88% of the club, has been chairman for 13 years, and said in February he would be willing to sell "if it was right for the club".
West Brom finished 12th last season under Tony Pulis.
Exclusivity allows only the bidding party to submit a formal bid after due diligence. If Peace is happy with the amount offered, then the bidder has up to six weeks to complete the deal.
BBC Radio 5 live's Pat Murphy |
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"I understand a Chinese consortium are the prospective buyers and now they have been granted exclusivity no other party can look at the books or get directly involved for up to six weeks, but that is more than enough time. |
"West Brom owner Jeremy Peace runs a tight financial ship and it would be a major surprise if the potential buyers found anything to perturb them. |
"Tony Pulis's job as head coach will not be affected if the deal goes through and it could be done and dusted by the end of this month." |
Until that six-week period is over, no other interested party can get involved.
It means the club could be sold before the start of the new Premier League season.
West Brom stressed in their statement, external that the club's summer transfer business would be unaffected by the negotiations.
Since Peace became chairman in 2003 the Baggies have spent only four years outside the top flight.
The club reported pre-tax profits of £14.7m on an income of £86.8m for the year ending 30 June 2014.
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