West Bromwich Albion chief executive Mark Jenkins has confirmed details of their financial situation reported by the Express & Star.
Following their relegation to the Championship last summer, West Brom have not been coy about needing to ‘cut costs’ in certain areas due to their parachute payments having decreased.
However despite any financial struggles they may be facing Jenkins has stated that Slaven Bilic will have a ‘competitive budget’ for this coming season.
Albion’s outgoings have been larger than their incomings before the recent transfer of Craig Dawson but he has said that this season will be ‘challenging but exciting.’
The Baggies’ parachute payments will decrease from £41.5m to £35m for next season and the Baggies need to cut the wage bill as a result. This is one of the reasons for their inability to sign Dwight Gayle on either a loan or permanent basis from Newcastle due to his Premier League wages.
Technical Director Luke Dowling has already said that as much as he would have loved to retain Gayle, their finances would simply not allow it.
In Bilic’s press conference for his unveiling last week Jenkins said: “We’re one year further on and still in the Championship, so the parachute payment is slightly smaller.”
“The finances have improved, but they’re still challenging. The parachutes are dropping. “We’ve still got final instalments due on players like Jay Rodriguez and Kieran Gibbs, and others from that transfer window.
“While people will say we’ve got the Nacer Chadli money coming in, we have, but the difference still needs to be addressed.”
“Saying that, we will still have a very competitive budget going forward. It’s going to be a challenging but an exciting season.”
Whilst West Brom fans will be happy to at least have been kept in the loop regarding their club’s finances, the news won’t completely prevent any frustrations as they look to push for promotion again next season.
