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West Brom share holders want a sale

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The majority of West Bromwich Albion's shareholders want owner Jeremy Peace to sell his stake and end the long-running uncertainty about the future of the club.

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That's according to Neil Reynolds, chairman of Shareholders for Albion, a committee set up to represent the 433 other people who own shares in the club.

Peace is currently negotiating the sale of his 88 per cent stake with potential buyers from China and it's believed a takeover is edging closer.

Reynolds has asked chief executive Mark Jenkins if a sale is imminent, but was disappointed when he received a non-committal response.

He claims the other shareholders, the majority of whom own a single share for emotional rather than financial reasons, would like the whole process to finish.

He said: "I believe the majority are tired of speculation. This is the third year on the trot, they want to see an end to it.

"From that perspective we would be pleased for a new owner. There's also a worry that some new owners haven't got a good track record.

"Leicester have done brilliantly, but those at Coventry and Bolton have been terrible.

"There's the Glazers at Man United, I wouldn't want Albion to be run by anybody like that.

"So there is fear of the unknown but if it's somebody who is prepared to invest in the club get us playing attacking football and going for trophies, then the vast majority would be happy."

Reynolds believes Peace is holding talks with potential buyers but he's not sure how far along those discussions are.

He said: "I've had contact with Mark Jenkins and other members of our committee have seen other officials and senior people at the club.

"The response has always been sheepish and shy and non-committal. They're not given anything away, but they are most certainly not denying anything either.

"My interpretation is something is happening. Whether a buyer is almost there or not I don't know. I'm sure negotiations are going on but how strong they are I really don't know.

"From a personal point of view I would be glad for it to be brought to a speedy conclusion so they've got time to come out in support of the head coach or not by end of July."

Although Reynolds has been pleased with the overall job Peace has done since he became chairman in 2002, he's tired of the lack of ambition at the club.

He said: "Over the years he's done a fabulous job, we wouldn't be in the position now but for him. But the longer this goes on, we're just treading water.

"His main principle at the moment appears to be staying in the Premier League at all costs to maximise the value of the club so he can sell it.

"Personally, I think that's the wrong attitude. The last 18 months we've had to suffer stultifying football to that end and it's driven a lot of supporters away.

"It's certainly killed my enthusiasm. For the first time in 25 years, I'm not going to any pre-season friendlies and I normally go to all of them.

"At the moment, I've got no plans to go to away games this season because the football is so bad."

Peace owns 8,447 of the 9,620 shares of the club and more than 300 of the 433 remaining shareholders own just a single one.

But he does not have to tell any of the other shareholders if he completes a sale.

Reynolds said: "Because it's a private company, it's not quoted on the stock exchange.

"He could sell his stake without telling you, me, or even his wife if he wanted to! That's a completely private transaction."

If Peace does sell the club for £150m-200m then each share would arguably be worth £15,000-20,000. But that's only if the new owner wants to buy them.

Reynolds said: "Because Peace is such a large owner, the new owner will be too, so you could argue our shares are worthless!

"Over 300 shareholders have only got one share, and many of those would like to keep that share for emotional reasons.

"They won't put a price on it, and given the opportunity they won't sell for any price."

But if a new owner manages to get more than 90 per cent of shares during a takeover, he or she can then squeeze out the rest of the shareholders in three months and assume total control.

Reynolds said: "There are many who will not sell at any price but, equally, there are people to whom £15,000 would be a life changing amount of money and so they'd be keen to sell."