West Bromwich Albion Chief Executive Mark Jenkins has sensationally revealed that there is no money for wages at the club. Jenkins was speaking following the release of Albion’s accounts for the 2016/17 season. The accounts actually made for positive reading – turnover was up by 40.3% and pre-tax profits rose from £1 million to £39.6 million. Despite these figures, Jenkins revealed that he was left “shocked” by the club’s finances that have unravelled over the last 12 months.
West Bromwich Albion Have no Money for Wages
Jenkins left Albion in 2016 following Gouchuan Lai’s takeover but returned to the club in February after the sacking of chairman John Williams and chief executive Martin Goodman. Upon his return to the Hawthorns, Jenkins found that investments made by the former chairman and chief executive have left Albion seeking financial support.
Jenkins said “there’s no more money for wages” and that the club will need its first overdraft in more than 10 years.
“I’ll be honest. I’ve come back and I’m shocked at what I’ve found in some of the decisions that have been made.
“Baggies fans should not be alarmed as the overdraft is not sizeable in Premier League terms. But is an indication of how the club has been blown off course in the last 12 months.
“I talk about this being a business and I make no apology for that because if you are as strong as a business you will have success on the pitch.
“Clearly, it has not been a successful season. There is going to be a significant loss in next year’s accounts. We have wages, transfer fees and loan fees running at record levels and yet we find ourselves in this position.”
The club insists that this is not a serious issue, and in some respects, it reflects the fact that Albion have invested heavily over the past 12 months. But with relegation on the horizon, this is another blow for Baggies fans in a season that has offered nothing positive on or off the field.