Hall Of Fame
West Bromwich Albion Fc - Financial Accounts Season 2021-22 - Ending 30 June 2022
West Bromwich Albion Fc filed its financial 2021-22 accounts to Companies House.
The club recorded a profit before tax of £5.4m for the period ending 30 June 2022.
[ The 2020-21 previous accounts showed £0.1m profit ]
Turnover decreased from £106.9m in the 11-month period ended 30 June 2021 to
£65.4m owing to a reduction in premier league distributions & sponsorship income
following relegation to the championship.
Fees paid for purchase of player registrations during the period is £12.6m [2021 : £30.5m]
while the sale of players registrations returned £17.8m [2021 : £9.7m].
Staff costs decreased from £76.9m to £42.4m - Reduction because of contractual salary
decrease for players & staff, following relegation to the championship.
The outstanding loan of £4,950,000 owed during the accounting period by Wisdom Smart
Corporation Limited, has been impaired in the accounts at Group Level by auditors &
West Bromwich Albion Holdings Limited. - A wholly owned subsidiary of Yunyi Guokai
[Shanghai] Sports Development Limited - Has since committed to guarantee repayment
of the loan & accrued interest. [£5m with interest ?].
The ultimate controlling shareholder & chairman Guochuan Lai has repeated his assurance
to the club, that the loan & accrued interest will be repaid.
Following the reporting period, in December 2022 - W.B.A. Group Limited secured a £20m
loan facility from MSD UK Holdings Limited, which has been fully drawn down to the
football club.
Comment from Finance Expert Kieran Maguire on release of accounts 2021-22. -
West Bromwich Albion Fc accounts show the loan due from owner Guochuan Lai is not
expected to be received & so write it down to zero.
Thoughts
To see the £5m owed which includes the interest is showing as nothing.
Then we see the club taking a £20m loan with what will be a hefty interest, Lai will hope
to sell the club, in which brings thoughts back to the Derby County fiasco.
Hall Of Fame
West Bromwich Albion auditors have written off the loan Guochuan Lai borrowed,
to which it is now reported the £4,950,000 loan, with interest now of £109,000
owing, bringing the total to £5,059,000
After promises to pay back the money back at different times, which never
happened, the West Bromwich Albion fans will feel hard done by, especially the
minority 430 shareholder fans who own 12% of the club.
Posting Permissions
Reply With Quote