French businessman Fred Chesnais planning £60m West Brom takeover

Guochuan Lai desperate to sell the financially-troubled EFL Championship club

According to Mail Sport, Fred Chesnais, a crypto investor, is interested in a £60 million takeover of English club West Brom Albion.

The reports also claim that the French businessman is ready to make a cash offer for the EFL Championship club and all its assets. This also includes their stadium (the Hawthorns) and their training ground.

Chesnais is the founder and chief executive of Crypto Blockchain Industries. His company invests in blockchain-based services across the sport and entertainment industries. 

The 59-year-old trained as a lawyer before joining video game company Atari, where he was chief executive until leaving to form his own production company.

Chesnais’ bid is understood to be the first offer to buy the entire club since owner Guochuan Lai cut his asking price to £65m after Carlos Corberan’s side failed to win promotion to the Premier League last season. 

The Chinese businessman is desperate to sell and refusing to provide further investment, leaving the club reliant on player sales to continue trading. Captain Dara O’Shea was sold to Burnley for £7 million last month and more sales are expected before West Brom begin their Championship campaign in a fortnight.

Lai paid £200 million for West Brom seven years ago, but the club are beset by financial problems which is deterring potential investors. 

For the first time since 2002 West Brom will not receive any Premier League merit payments next season as they are no longer entitled to parachute money, whilst they also owe £20m to private equity company MSD Capital, which is secured against the Hawthorns. 

Egyptian businessman Mohamed Elkashashy has offered to buy a minority stake in the club, but Lai is seeking a full sale.