Crypto investor Fred Chesnais is in talks with West Brom over a $60m takeover, with owner Guochuan Lai desperate to sell the financially-struggling Championship club

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Crypto investor Fred Chesnais is in talks with West Brom over a $60m takeover, with owner Guochuan Lai desperate to sell the financially-struggling Championship club

By Matt Hughes For Mailonline Updated: 16:10 Jul 25, 2023

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West Brom owner Guochuan Lai wants to sell the Championship clubHe bought the club for 200m in 2016 but is set to suffer a major loss

West Brom is in talks over a $60 million takeover of Crypto investor Fred Chesnais.

The Mail Sport has learned that the French businessman is ready to make a cash offer for the Championship club and all its assets, including Aubépines and their training ground.

Chesnais is the founder and CEO of Crypto Blockchain Industries, a company that invests in blockchain-based services in the sports and entertainment industries.

Aged 59, he trained as a lawyer before joining the video game company Atari, of which he was the general manager until his departure to create his own production company.

Chesnais’ offer is believed to be the club’s first offer to buy since owner Guochuan Lai cut his asking price to 65 million after Carlos Corberans’ side failed to gain promotion to the Premier League last season.

Crypto investor Fred Chesnais (left) is interested in buying Championship club West BromWest Brom owner Guochuan Lai wants to sell the club, seven years after buying it for 200mWest Brom is struggling financially and looks set to sell more players ahead of the start of the season

The Chinese businessman is desperate to sell and refuses to provide new investment, leaving the club dependent on player sales to continue trading. Captain Dara OShea was sold to Burnley for £7million last month and more sales are expected before West Brom begin their league campaign in a fortnight.

Lai paid 200 million for West Brom seven years ago, but the club are plagued by financial problems which are deterring potential investors.

For the first time since 2002, West Brom will not receive any merit payments from the Premier League next season as they no longer have the right to parachute in, while they also owe private equity firm MSD Capital £20million, which is secured against the Hawthorns.

Egyptian businessman Mohamed Elkashashy has offered to buy a minority stake in the club, but Lai is seeking a full sale.

Chesnais declined to comment.

West Brom declined to comment.

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