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West Bromwich Albion has not announced an approved, funded or formally planned new stadium. The idea surfaced in a February 2024 interview with football-finance researcher Dan Plumley, after the Bilkul takeover agreement; it was conditional commentary, not a club proposal. The club’s accounts for the year ended 30 June 2025 show the financial context, but they do not establish whether a new ground would be affordable.
What the takeover agreement did—and did not—say
On 23 February 2024, West Bromwich Albion said the takeover of West Bromwich Albion Group Limited by Bilkul Football WBA, LLC was expected to complete during the week commencing 26 February. The club also said the purchasers had already been approved by the EFL. The announcement did not include a commitment to fund a new stadium. West Bromwich Albion’s takeover announcement
The distinction matters: a change in ownership is not, by itself, evidence of a stadium budget, financing package or construction plan.
Where the new-stadium idea came from
The new-build possibility was discussed in an interview reported by West Brom News on 27 February 2024. Plumley, identified in the report as a senior lecturer and football-finance researcher at Sheffield Hallam University, discussed a new stadium as an alternative to expanding The Hawthorns after a suggestion by Adrian Goldberg. He raised questions about planning, site constraints, the scale of any capacity increase, attendance demand and the club’s league status. Those were conditions to examine, not findings from a feasibility study.
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Plumley put the location question this way: “You’ve got to factor in the planning side of that, is that possible within the location that it is in currently?” On demand and league status, he said: “A lot of that will depend on league status as well, as you’ve got to prove you can match that capacity with demand as well so it will be interesting to see.” Both remarks were reported by West Brom News on 27 February 2024; neither is an official club position. West Brom News interview report
What West Brom’s 2024/25 accounts tell us
West Brom’s accounts summary for the year ended 30 June 2025 gives a snapshot of club finances and stadium-related activity. These are reported historical figures, not a forecast for a new ground:
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| Reported figure | What it describes |
|---|---|
| £6.8 million | Gate receipts for the year ended 30 June 2025. |
| 24,984 | Average attendance for the year ended 30 June 2025. |
| £17 million | Net operating loss for the year ended 30 June 2025. This is not a construction budget, cash deficit or debt balance. |
| £1 million | Capital expenditure for the year ended 30 June 2025. |
| £5.2 million | MSD loan interest recharged to Bilkul since its February 2024 takeover, as reported in the accounts for the year ended 30 June 2025. |
The figures show why a stadium decision would need a detailed funding case, but they do not prove that a new build is either affordable or unaffordable. One season’s attendance also cannot, on its own, determine the right capacity for a future stadium. West Brom’s 2024/25 financial results
The documented work is at The Hawthorns
In its November 2024 supporter-assembly minutes, the club said representatives were looking at options for refreshing The Hawthorns. The minutes support discussion of improvements to the existing stadium, not a new-build scheme. November 2024 supporter-assembly minutes
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At 30 June 2025, West Bromwich Albion Group Limited recorded £415,000 in future capital commitments for safe-standing installation and steelwork improvements at The Hawthorns. The club has also reported safe-standing conversion and refurbishment work at the existing ground. These are existing-ground commitments and works, not evidence of funding for a replacement stadium. West Bromwich Albion Group Limited filing history Club update on safe-standing work
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What a credible stadium finance case would need
There is no sourced project-specific estimate for a new stadium’s cost, site, financing, timetable or projected return. Before a finance expert could assess the proposal, the club would need to establish at least the following:
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- A viable site and planning route: available land, location constraints and the likelihood of planning permission.
- A demand-based capacity: a case for the proposed size using actual attendance and realistic demand across different league outcomes—not only an optimistic promotion scenario.
- A complete capital budget: construction, infrastructure, contingency and any other project-specific costs, alongside financing terms.
- A repayment plan: the cash flows expected to service any borrowing and how resilient they would be if league status changed.
- A revenue case: credible forecasts for matchday, hospitality and non-matchday use, balanced against development and operating costs.
- A comparison with upgrading The Hawthorns: what added capacity or revenue refurbishment could deliver, and how its costs and risks compare with a new build.
Plumley’s reported comments identify several of these questions—especially planning, capacity, demand and league status—but do not quantify the answers. The available club reporting documents current-ground improvements rather than a new-stadium plan.
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