It was announced earlier this week that Jenkins has decided to retire as the club’s chief executive after 18 years working at The Hawthorns.

The 54-year-old has been replaced by Xu Ke – who is known as Ken – but departed having already laid out the club’s transfer strategy for the 2020/21 campaign.

And Jenkins revealed Bilic is free to invest any money he brings in.

He said: “Albion always have to box clever in the transfer market.

“Whatever figure the club has got, any player sales goes on top.

“And if there is a player on a significant wage, that will also go back in the pot if you sell him and bring someone in on a lower wage.”

It is often reported promotion to the Premier League is worth £170million.

And while that figure is roughly accurate, Jenkins said £40million of the money Albion will receive has already been accounted for.

“Getting promoted cost the club nearly £20million in bonuses to players and in clauses we had to pay other clubs in transfer agreements,” said Jenkins who did not receive a promotion bonus.

“You can say that’s OK because you got promoted – and that’s right, that is how you should run your business.

“But that £20million has got to come from somewhere.

“That money comes out of the Premier League money.

“Also the Premier League have taken £10million off us because of Covid-19.

“That is money they have had to give back to foreign TV companies. And there is another £10million we haven’t got because no gate receipts are coming in.”