West Brom managing director Mark Miles confirms interest in club - as fans renew calls for Xu Ke meeting
West Brom managing director Mark Miles has confirmed there has been interest in the club from potential investors.
It was revealed earlier this summer that Albion owner Guochuan Lai was open to external investment in the club - with the absent owner valuing the Baggies at £60m.
Lai is said to be open to both investment or a full takeover of the club, amid financial concerns and uncertainty off the field.
In the latest minutes of the Albion Assembly meeting that took place earlier this month, Miles, who assumed the duties of chief executive following the departure of Ron Gourlay, confirmed to supporters that there has been interest in the club.
Last month, it was revealed that Egyptian businessman Mohamed Elkashashy and Manchester-based sports lawyer Chris Farnell were in 'advanced talks' to buy a minority stake in the club.
Like his predecessor Gourlay, Miles also stated to fans that he believes a £4.95m loan to one of Lai's companies, Wisdom Smart Corporation Limited, will be repaid. Lai has already failed to meet a handful of repayment deadlines on the loan.
And in the discussion around ownership, Albion fans have again invited WBA Group director Xu Ke to attend a future meeting, stating they were frustrated they he is yet to do so.
The minutes of the meeting state: "MM (Mark Miles) addressed the topic of ownership, revealing Guochuan Lai had confirmed to him that he was open to external investment – either for part, or all, of his shareholding. He stated there was interest in the football club, though he could not speak of any specifics, and that any discussions would be under a strict non-disclosure agreement and at a group level above the football club.
"Regarding vetting potential investors, MM talked about the EFL’s new and enhanced Owners and Directors Tests, while saying there is an expectation the club itself would do its own due diligence, too. He assured members that the new EFL tests are stringent and more enhanced than previously.
"MM was asked for an update on the £4.95m loan to Wisdom Smart Corporation Limited, saying he believed it would be paid back but could not give a time frame."
Among discussions on a number of other topics, including the Albion Foundation, women's team and supporters behaviour, Miles spoke to fans on the transfer window and the business the club are looking to do.
He explained that amid the financial issues off the field, the early sale of Dara O'Shea for £7m to Burnley has helped to strengthen the club's hand in transfer negotiations later in the window.
