West Brom CEO shocked by club's finances: 'There is no more money for wages'

West Brom chief executive Mark Jenkins warned weary supporters that a bleaker financial future awaits the club next season - most likely in the Championship.

Although the Baggies have posted a record turnover of £137.9 million and a pre-tax profit just short of £40 million, Jenkins said they are so strapped for cash that they cannot spend any more on wages.

Jenkins inherited a mess after being named CEO last month, with transfer and loan fees at club-record levels. The boardroom was shaken up following a year of frivolous spending, and Jenkins, who had served West Brom previously for more than a decade, was asked to return.

"I'll be honest, I've come back and I'm shocked at what I have found in some of the decisions that have been made," Jenkins told the club's website.

"When I was on the outside looking in, for example, I read the reports about the club operating at the limit of its short-term cost control. Knowing the business as I did, I thought that was a negotiating position, but I've come back and can assure you that we are right at our limit on STCC. There is no more money for wages."

West Brom is expected to drop into the second tier following a woeful campaign that's featured just one win in 29 matches. Without access to the Premier League's lucrative television deal, the West Midlands outfit stands to lose millions in revenue.

Jenkins said the club's Chinese ownership group, led by Guochuan Lai, remains "wholly committed" to the team, but he's aware that things have to change to convince jaded supporters.

"I can understand the supporters' frustrations," he added. "It has been useful for me to step outside the bubble and experience it from their viewpoint. My wife is a big fan and wanted to go to games and so I went to the ticket office, bought my tickets, got to the ground, watched the match, and went home thinking, 'Have I had value for money?' And I have to say I didn't think I had."