West Brom shareholders unhappy with Jeremy Peace's consultancy pay

The ex-chairman, who paid himself nearly £2million last season before selling up to Guochuan Lai for £175m in the summer, has stayed on in an advisory role this season.

Although it’s understood he was paid significantly less this season than when he was owner, Neil Reynolds, chairman of Shareholders For Albion, was amazed to learn that Peace was still picking up a wage.

“Until the end of June, he’s still being paid a salary,” said Reynolds. “Personally I think that’s obscene.

“The shareholders, the vast majority, certainly all those present at our meeting last week were not best pleased to hear that.”

Forty members of S4A, a group who represent the club’s 432 minor shareholders, met with chief executive Martin Goodman and finance director Peter Band last week after the board returned from seeing owner Guochuan Lai in China.

Lai currently has an 88 per cent controlling stake in the club, and has no plans to buy the remaining shares.

The Chinese entrepreneur does not draw a wage from the club, and bought the Baggies in order to enhance his companies' global reach after encouragement from his government.

“Six months ago, chairman John Williams told us that Lai hadn’t made up his mind whether to make an offer or not,” said Reynolds.

“We’re now told that at the moment, he’s got no intention of making an offer. I believe he’s been advised to do that by Peace.

“We understand that Lai will not be paying himself a salary whereas Peace paid himself a rather large one and the salaries of Williams, Goodman and Band will be much less than the salaries of Williams and (former CEO Mark) Jenkins.

“If his motives were to make a lot of money then you would expect him to want to buy the shares to maximise his holding. Perhaps it’s just to garner favour with the Chinese government.”