West Brom Are the Championship's Perpetual Nearly Men, and Their Accounts Show Why

In the 2024-25 season covered by these accounts, West Bromwich Albion finished 9th in the Championship under Carlos Corberan, narrowly missing the play-offs in yet another season that continued the club's recent pattern of finishing just outside the top six.

Turnover grew by around 8% to close to £30m, and a pre-tax loss of around £19m shows continued investment in a squad built to compete near the top of the division, even as results have repeatedly fallen just short of a play-off place under Corberan's long tenure.

Net assets remain in deficit at around £22m, a position that reflects years of Championship-level spending without the parachute payments or Premier League revenue that would help close the gap more quickly.

Staff costs of around £37m against turnover of £30m show a wage bill still ahead of income, funded by ownership willing to back Corberan's project even as the play-offs continue to slip away year after year.

West Brom's accounts tell the same story their league position has told for several seasons running: a club spending like a promotion contender, without yet producing the results to match it.