Date: 12th April 2010 at 3:18pm
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Albion chairman Jeremy Peace has outlined a cautious approach to next season, after gaining a fourth promotion to the Premier League.

The West Brom board of directors have devised a three-year plan to structure the club`s finances to avoid financial difficulties should they get relegated from the top flight next time around.

This is no different from what we’ve heard from Peace for some time and he is looking to continue a conservative approach to player recruitment.

“We will be positive but we will remain relatively prudent,’ said the chairman.

‘Our number one priority is always to keep the club solvent while trying to compete successfully at the highest possible level.

‘Everyone has seen football clubs get into dire financial difficulties in recent years but this will not happen at Albion on my watch. We will continue to be sensible and realistic.

‘A club of our size, without a benefactor, can only spend a certain amount and we have to be more inventive in the way we use our comparatively limited resources.’

“The last time we were promoted we spent a club record £24million on transfer fees – and ended up being relegated,’ he continued.

Well, you could argue that £24 million wasn’t enough. And it helps if you don’t wait until our season is almost over before you start investing.

Peace also went on to say that the club still has an overdraft in excess of £10m ‘a hangover from the excesses in the transfer market when we were last in the Premier League.’

He also added: ‘This summer we will build and strengthen our squad and endeavour to keep our core players while improving and upgrading around them, but it is clearly not all about transfer fees.

‘To be competitive in the Premier League, we need to pay market-rate wages to the right standard of players on suitable contracts and this will form a major part of our planning.’