West Brom chief executive Mark Jenkins believes the club overspent before dropping out of the Premier League but has assured supporters Albion are on a sound financial footing.
According to Jenkins, around £40million in “surplus funds” was used up after he left in 2016 following Guochuan Lai’s takeover.
Jenkins returned to the Baggies in February after the sacking of chairman John Williams and chief executive Martin Goodman and insists there is no financial crisis at The Hawthorns as they prepare for life in the Championship.
He says the club do not need to sell players this summer to balance the books, predicting only “small changes” ahead.
Moore on his ambitions for the club as they prepare for next season in the Championship
“I just think the wrong type of management was in place,” said Jenkins. “The controls weren’t in place which we had had for many, many years.
“The income streams which this club generates are not in comparison with other clubs in the Premier League so we have to spend every penny wisely and that just didn’t happen.”
West Brom handed caretaker boss Darren Moore the head coach’s job on a permanent basis last week.
“I have had conversations with Darren about the squad but it is still early days,” Jenkins said.
“One of the successful things in the past when the club has been relegated is we have always held the team together and gone back. That has been a key factor.
“This time we have been in the Premier League for eight years so it is going to be different, but I am sure there will just be some small changes.”
Moore agrees West Brom need to get back to basics and says any players who join the club this summer must fit in with his vision for the club.
He added: “We had lost what the club was known for. It wasn’t overnight how it disappeared, I think we just drifted as a football club and probably took our eye off the ball a bit.
“It was a difficult season, we had four managers in the one season. So it was difficult to get that continuity and everyone has their own different ideas and views.
“I am looking forward to identifying individuals. Certainly, anyone brought in, first and foremost as a human being and individual, it will be the character of the player first.
“Without doubt they will have exceptional ability but the characteristics are really important.”