The Premier League side West Brom Albion chief executive Mark Jenkins says the club has no money for wages and he is shocked at the State of The Hawthorns finances.
According to Jenkins, the club will need its first overdraft to survive.
“There’s no more money for wages” and that the club will need its first overdraft in more than 10 years.Jenkins said ”
The Hawthorns look set to be relegated from the top flight as they are 10 points from safety with seven games left.
“We have wages, transfer and loan fees at record levels and yet find ourselves in this position,” said Jenkins.
Jenkins, who left Albion in 2016 following Guochuan Lai’s takeover, returned to the club in February after the sacking of chairman John Williams and chief executive Martin Goodman.
Jenkins has warned that West Brom’s finances need rebuilding.
“In the accounts, there is a note which the auditors insisted that I put in to point out that in the near future the club is going to need a small overdraft facility,” Jenkins said
“That’s something new to the club. It hasn’t needed one for over 10 years, but it reflects the season we have gone through and the amount of investment that the board made into both the first-team squad and the infrastructure of the stadium.
“We are at record levels on wages, we have broken our transfer record and have loan fees at the highest level. There has been a full investment – and a little bit more as well – hence the need for an overdraft facility.
“I’ve just come back into the club after just over 12 months out and I’m shocked by what I have found. We need to restructure the club so it is able to compete and exist long-term in the Premier League.”