West Bromwich Albion refuse to rule out possibility of selling club to right buyer

West Brom chairman Jeremy Peace has refused to rule out selling the Baggies to the right buyer.

The Hawthorns chief remains committed to the Baggies but would be open to offers.

Albion have announced pre-tax profits of £14.7million for the year ending June 30, 2014 and are looking for fresh investment.

They are believed to have spoken to contacts in the City after the new TV deal, worth more than £5billion to the Barclays Premier League, was signed last week.

The Baggies have sent their Annual Report to shareholders and Peace has revealed his views.

He said: "I said then that I was open to proposals regarding investment in the club and would not stand in the way of a new owner, providing they convinced me their intentions for the club were in keeping with its traditions and values and their ability to deliver on them was realistic.

"Nothing has changed in that regard. The recent announcement of a new and record media rights deal for the Premier League from season 2016-17 is sure to mean that there is once again huge interest in the brand.

"It was only right and prudent, in my view, that at such a moment we should present the club to the investment market.

"I am happy to continue as we strive to deliver Premier League football whilst growing the club within our means.

"But equally if there was someone out there willing and capable of taking the club further forward, I would be willing to step aside and negotiate a change of ownership providing it was an investment that was right for the club."

The club's financial statement revealed an income of £86.8million, even though overall staff costs continued to increase to £65.5million which represents more than 75 per cent of turnover.

Peace added to the club's official site: "The club continues to fight its ground in an increasingly competitive market."