Baggies suspend talks with buyers
Published 24/07/2015 | 10:12
The sale of West Brom has suffered a setback after Baggies chairman Jeremy Peace announced talks with a possible buyer had been suspended.
Peace announced earlier this month that an exclusivity arrangement had been set up with one unnamed party but no longer feels they can meet the terms of sale.
"I have today brought to a close the period of exclusivity announced on July 3 and suspended negotiations with the interested party involved over the sale of West Bromwich Albion Holdings Ltd," Peace said in a statement released on the club's official website.
"I entered into an exclusivity arrangement in good faith after agreeing terms for the sale but it is now clear to me that this potential purchaser is unable to fulfil the terms of that agreement at this time."
Peace, who has been chairman since 2003, reportedly values the club at between £ 150million and £200million.
Discussions have taken place with several groups after Peace made the decision earlier in the year to offer up his 88 per cent share of the Baggies as he ''considered strategic options for the future development and legacy of the club''.
In his latest statement released on Friday, Peace confirmed the sale process would continue with other interested parties and reiterated his determination not to allow off-field matters to have an effect on the pitch.
"The club's long-term stability and continued development is of paramount importance and I am not satisfied that the interests of West Bromwich Albion would have been best served by my continuing discussions at present," he added.
"It is important that I re-emphasise that the possible sale of the club does not and will not impact upon its day-to-day running and that this applies particularly in an area which I know concerns all supporters - team strengthening.
"This is a period in which there is always an understandable impatience for new signings to strengthen our squad and nowhere is this pressure more keenly felt than at board level.
"But we will not be held to ransom. Of course I know this can add to supporter frustration but I do believe they will see our efforts come to fruition over the course of the transfer window."