West Brom accounts confirm directors' confidence and further £8.5m banked
Albion's board of directors have confirmed their confidence in the club's financial matters while maintaining a promotion push.
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The club's accounts, which contained headline figures revealed last week, appeared on Companies House on Thursday and laid bare Albion's desperate losses prior to Shilen Patel's takeover in February 2024.
In the figures dated to June 2024, losses climbed from £11million the previous year to £34m. Revenue was halved without Premier League parachute payments. Club wages were at £42m while the wage to income was at 152 per cent as the Baggies spent £152 for every £100 of income.
The accounts also confirmed £25m capital injection from owners Bilkul since their takeover from Guochuan Lai. The figures were signed off by Companies House in late December with managing director Mark Miles the Albion signature.
Mark and Patel are club directors and a statement from the report read: "The club retains a level of flexibility in its playing squad options and the directors will balance the financial needs with a squad that has the ability to still strive for promotion.
"Based on the above, the directors remain confident the group will generate sufficient resources to meet its liabilities as they fall due to a period of at least 12 months and the board has therefore concluded that it is appropriate for the financial statements to be prepared on a going concern basis."
Albion's hierarchy remain confident they will be in line with profit and sustainability laws to ensure the club does not lose more than £39m in a three-year cycle. Some spending within the £34m losses came on infrastructure and is not factored into PSR laws.
The set of accounts available to view on Companies House to do include cash injections received after the June 2024 deadline. These include several first-team sales, sell-on fees received and compensation for head coach Carlos Corberan from Valencia.
Projections in the accounts' post-reporting sections estimate £8.5m of income secured since, to be included in the next set of accounts dated to June 2025.
The projected fee for incoming transfers including on the likes of Mikey Johnston, Isaac Price, Tammer Bany and others is a little over £4m (£4,012,000).
