Thompson blasts 'wasteful' baggies

Former West Brom chairman Paul Thompson has accused the club and manager Gary Megson of “wasting” £25m (€37m) they have already received from the Barclaycard Premiership.

Thompson was involved in a bloody battle with the Albion board and Megson last summer which eventually saw him replaced as chairman by Jeremy Peace.

He has now decided to sell more than 28,000 of his club shares to Peace who is now Albion’s major share-holder.

But Thompson has slammed the way the club have invested the funds that have come their way since gaining promotion to the top flight.

And he claimed that only two of Megson’s signings since last summer have been worth the money splashed out by the Baggies.

Thompson told the Birmingham Evening Mail: “It is with considerable disappointment that I have sold my shares. Unfortunately I have no confidence in the way the club is being run.

“I believe the vast majority of the £25m (€37m) from the Premier League - including two years’ parachute payments – has already been wasted. Only two of the seven players acquired this season appear to me to be good value for money.

“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 as well as the impending relegation from the Premiership.”

But Thompson insisted he would maintain his allegiance to the Baggies and has not ruled out investing in the club again in the future.

He said: “My support for the club is not diminished by selling my shares. I will continue to attend as many matches as I can.

“I will also make the funds available to re-invest in the club in the future should circumstances change and a sensible opportunity arise.”