Controlling interest?

I understand that in 1997, after the debacle of the Archer-Bellotti regime, it was decided that "no one individual should have a controlling interest in the club."

Is this no longer true? And have our "company rules" been changed accordingly?

Yes, this ultimately goes against the promise made when Dick took over in 1997. But at the time, that was made in good faith, and without the foresight that an Albion fan would be able to make such grand gesture to the football club. And here we are not talking about somebody investing in the club to use it as a money making vehicle (like Manchester United and Liverpool).

The important thing is that Dick has given his blessing to Tony, along with the rest of the club's directors. It is better for the club to be taking this option than delaying the stadium because bank funding is not accessible due to the global credit crunch, and then paying millions in interest payments. When you look objectively, the huge sum being poured in is the next best thing to Tony simple giving the club the money as a gift, and no-one could expect him to do that.

The money Tony has already converted to shares (£18m) is an investment in the club, which of course he will only be able to get back what someone is willing to pay him for those share. The money going in the form of loans are interest-free (as mentioned that in itself will save the club millions in interest payments) and, very importantly, unsecured. They are not repayable until 2023, but then only if the money is there to repay them.

In short, this secures the club's future, as it means we have a mortgage-free brand-new stadium on the way...