Baggies chief: We overspent
West Brom chief executive Mark Jenkins believes the club overspent before dropping out of the Premier League but has assured supporters Albion are on a sound financial footing.
According to Jenkins, around £40million in "surplus funds" was used up after he left West Brom in 2016 following Guochuan Lai's takeover.
Jenkins is back at the helm now and insists there is no financial crisis at The Hawthorns as they prepare for life in the Sky Bet Championship. He says the club do not need to sell players this summer to balance the books, predicting only "small changes" ahead.
"I just think the wrong type of management was in place," said Jenkins, who returned to West Brom in February after the sacking of chairman John Williams and chief executive Martin Goodman.
"The controls weren't in place which we had had for many, many years. The income streams which this club generates are not in comparison with other clubs in the Premier League so we have to spend every penny wisely and that just didn't happen."
West Brom handed caretaker boss Darren Moore the head coach's job on a permanent basis this week.
"I have had conversations with Darren about the squad but it is still early days," Jenkins said. "One of the successful things in the past when the club has been relegated is we have always held the team together and gone back. That has been a key factor."