Jeremy Peace: I will consider selling Albion

Peace, who has been chairman for the last 13 years and owns 77 per cent of the Baggies, has admitted in a club statement he is willing to sell.

It also confirmed the club's parent company made consolidated pre-tax profits of £14.7million on an income of £86.8m.

Overall staff costs continued to increase, to £65.5m which represents more than 75 per cent of turnover.

And Peace said: "I stated in 2008 that I was open to proposals regarding investment in the club.

"I will not stand in the way of a new owner, providing they convinced me their intentions for the club were in keeping with its traditions and values and their ability to deliver on them was realistic.

"Nothing has changed in that regard. The announcement of a new and record media rights deal for the Premier League from season 2016-17 is sure to mean that there is once again huge interest in the brand.

"It was only right and prudent, in my view, that at such a moment we should present the club to the investment market.

"I believe it is a sound company – an extremely solid football club with no debt, significant assets, a developing infrastructure and reasons to be confident about the future.

"I have been at the helm for 13 years now and I am proud of what has been achieved in that time. I do not need to remind supporters about the journey we have shared to this point.

"I am happy to continue as we strive to deliver Premier League football whilst growing the club within our means.

"But, equally, if there was someone out there willing and capable of taking the club further forward, I would be negotiate a change of ownership, providing it was an investment that was right for the club.

"The club continues to fight its ground in an increasingly competitive market.

"The challenge of growing our profile and our support base, to try to keep pace with the advances our competitors make, is one which I feel we tackle with ingenuity and energy.

"As I have remarked before, it gets harder each year and the demands on everyone at the club to over-achieve never diminishes.

"But it is also exciting and fulfilling when you see the Hawthorns brimming with excitement as it was on Saturday afternoon."

Meanwhile, West Bromwich Albion Holdings, which is controlled by Peace and now holds nearly 88 per cent of the club's shares, is proposing an end to its Annual General Meeting of the subsidiary Group company.

Chief Executive Mark Jenkins insisted that would not distance the club's senior officers from supporters.

He said: "We now feel we have far more effective ways of communicating with our fans and shareholders.

"The body of independent shareholders represents an increasingly small number of people.

"As I have done in the past, I am more than happy to meet with their representatives periodically to discuss any issues."