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Kieran Maguire reveals 'big problem' in £60m West Brom takeover plot
The EFL may not green light a takeover of West Brom if the bidder’s wealth is made from cryptocurrency.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about a potential takeover of the Baggies.
As reported by the Daily Mail, crypto investor Fred Chesnais is in talks with West Brom over a £60million takeover.
Current Baggies owner Guochuan Lai spent £200million to purchase the club but is now willing to accept a huge loss to sell his stake.
It is understood that Lai is desperate to sell the Championship club, and Chesnais is willing to make a cash offer for all of the club’s assets, including the training ground and The Hawthorns.
However, Maguire believes the source of Chesnais’ wealth could throw a ‘spanner in the works’ when it comes to getting approval from the EFL.
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The EFL recently made changes to their regulations which included a tougher Owners’ and Directors’ Test for bidders.
“The EFL will be looking for evidence that any bidders for West Brom have the resources to fund a business plan,” Maguire told Football Insider’s Sean Fisher.
“The big problem with cryptocurrency is that it is an unregulated, highly volatile and easily manipulated product.“
“Therefore the EFL are likely going to be very sceptical about the resources of a potential owner if they are crypto assets.
“That could put a spanner in the works as far as any takeover is concerned.
“However, the owner could have other assets that have far more credibility and therefore the takeover could go ahead.“
In other news, Aston Villa in advanced talks to sign West Brom star Richards