On 20 December 2022 the Club announced that, following consultation with Shareholders for Albion (“S4A”) – an organisation representing the vast majority of the 430 minority shareholders of West Bromwich Albion Group Limited (“Group”) – it had commissioned an independent investigation by a leading King’s Counsel, Sebastian Isaac KC, into the 2014 loan by the Club to West Bromwich Albion Holdings Limited.
Mr Isaac KC has now provided his report to the Club and the appointed representative of S4A. The Club would like to thank him for his thorough investigation into the matters referred to him and the detailed analysis in his report. The Club would also like to thank those individuals who participated in the investigation voluntarily.
Mr Isaac KC was provided with a substantial amount of documentation and evidence. This enabled him to reach his findings. The investigation has taken 18 months to complete as there were many complex issues to investigate and consider. It was in the stakeholders’ interest for the investigation to be as thorough as possible.
The report has been reviewed carefully by both the Club and the representative of S4A, with their respective solicitors. Having done so, both have concluded that no further action will be taken and, so far as both the Club and S4A are concerned, the matter is closed.
The Club’s current directors remain under an obligation in relation to repayment of the loan and are entitled to take account of the arrangement with Bilkul Football WBA LLC (“Bilkul”).
On 28 February 2024 Bilkul – a company ultimately owned by Shilen Patel and Dr Kiran C. Patel – acquired an 87.8% shareholding in Group. As part of that acquisition, a funding agreement has been agreed with the Club and English Football League to 30 June 2025 and liability for the loan transferred to Bilkul. As a consequence, the Club will not sustain any loss in respect of the loan.
As the matter has been investigated fully and the matter is now closed, neither the Club nor S4A (other than a confidential update to its members) will make any further comment on the 2014 loan, the investigation or the report.