Thompson: No Confidence

It is with considerable disappointment that I have sold my shares in West Bromwich Albion for the following four main reasons:

1. Unfortunately, I have no confidence in the way the Club is being run.
   
   
2. I believe the vast majority of the £25 million from the Premier League (including two years parachute payments) has already been imprudently wasted.
   
   
3. The Board have reverted to the tried and failed method (used prior to 24 December 1999) of putting the Manager in charge of transfers. Only two of the seven players acquired this season appear to me to be good value for money.
   
   
4. I am worried that the Club's shares could become worthless, following on from a 25% fall in value, the interim loss, the scrapping of the dividend, the money wasted on transfers and wages and the impending relegation from the Premier League.

I am pleased that all shareholders now have the chance to sell their shares for £55 each or to keep them. Many shareholders supported the rights issue to help fund the East Stand, the Football Development Centre and the successful push for the Premier League. Shareholders now have the chance to recover some of their money if they wish to do so.

My support for the Club is not diminished by selling my shares. I continue to attend as many matches as I can and I will now have the funds available to re-invest in the Club in the future should circumstances change and a sensible opportunity arise.