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Albion’s frustrated minor shareholders have been bounced back to the club by the Premier League and the Financial Conduct Authority after neither body agreed to delay their approval of the Chinese takeover.
Shareholders for Albion, a group which represents the 433 minor shareholders, asked both organisations to hold up the takeover because they believe they have been ‘unfairly’ treated in the sale.
But the Premier League and the FCA have told Neil Reynolds, chairman of the group, to take up the grievance with the club.
The league have now approved the sale, and the FCA are expected to follow suit shortly, before the final handover of funds from Guochuan Lai to Jeremy Peace.
Reynolds plans to ask new chairman John Williams for a meeting in the next couple of weeks in order to discuss the future of the minor shareholders, but he is holding fire until the tension at the club from the the transfer window dies down.
“Both of them referred us back to the club,” revealed Reynolds. “But we are deliberately choosing not to pursue anything yet.
“I expect to meet with John Williams soon, but the fall-out from the transfer window is still happening, so we’re keeping a low profile.
“We don’t want to do anything to exacerbate the situation. We’ll leave it for a couple of weeks and consider our position.”
The minor shareholders own 12 per cent of the club, and were not contacted by Jeremy Peace or new owner Guochuan Lai during the sale of West Bromwich Holdings Ltd, which owns an 88 per cent majority.
It’s unknown exactly how much Peace made from the sale but estimates put the figure between £150-200million.
Reynolds thinks those who invested in the club when Albion ‘was at its lowest ebb’ and at a time of ‘greatest financial need’ should also be rewarded.
Last month he wrote to both the Premier League and the FCA on behalf of the shareholders, asking for both bodies to delay their approval of the sale.
At the time he said: “We’ve no objections to Mr Lai, we’re not implying he’s not a fit and proper person.
“We’re looking forward to a new era both on and off the pitch. I hope that this doesn’t sour it and that Albion can be a successful club again playing attractive football.
"The reason we would like it held up is so proper attention can be given to the plight of the minor shareholders.”
Reynolds admitted at the time that it was a long shot, because his request had no legal force behind it.
Peace is well within his rights to sell West Bromwich Albion Holdings Ltd, a private company which he had ultimate control over, without telling the other shareholders.
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http://www.expressandstar.com/sport/west...i2Qlztv.99
