£27m explained - Baggie Blood does this make sense?

[sweeper5]

Make of it what you will. The shareholding of all three Companies, at 30 June 2016 were as follows:

West Bromwich Albion Football Club Ltd:

2 - Equal standing shares both in the name of West Bromwich Albion Group Ltd.

West Bromwich Albion Group Ltd :

9620 Ordinary Shares issued as follows West Bromwich Holdings Ltd - 8448
Minority Shareholders -1172 (51 individuals)

West Bromwich Holdings Ltd:

50,000 Ordinary (0.01GDP) held by Jeremy Roland Peace.
12,500 "A" Ordinary (0.01GDP) held by a Company called Kappa Ltd.

After the change of ownership, the holdings by JRP were taken up by Lai,
or correctly his Chinese Company, and also the others held by Kappa Ltd.

[Baggie66]

Thanks Sweeper. That’s interesting.
So it looks like club shareholders are not shareholders of WBA Holdings.
I’d bet my last pound that WBA Holdings only source of income is from the football club.
What a tangled web.