Peace time

So Jeremy Peace is looking for new investment - but what impact on the club?

It can be interpreted in one of a few ways. Firstly, by inviting new investment, Peace is effectively touting his own shares for sale. If someone offers a good price then he will go. That much we know to be a basic, logical theory of business.

That, however, is potentially a major hurdle. Despite the low value of last season's share value I suspect that Peace's valuation of the club will be somewhat higher.

We don't know.

But what of Albion's future?

Albion fans may be rubbing their hands at the prospect of an Abramovich or Briatore pitching up at B71 with a truck load of blank cheques and used fivers. So let's hold onto that dream for a moment.

New players arriving, facilities being improved, more games being won, Premier League stability being achieved and maybe even more. One day Albion may not need to worry about losing their top players to the Wigans and Fulhams of this world. One day they may be able to cherry-pick the best players from other established Premier League clubs. The salary ceiling may be torn down, the wage bill will rise and not stop. Big names will come to B71 at the peak of their careers, rather than for a final payday or as youngsters. Manchester City had the likes of Dickov and Vassell at their club in recent years. Next season it could be Ronaldinho and Jo. That's the dream.

But what of reality?

The Baggies have been an attractive proposition for some time. Whether you agree or not with Peace's prudent approach (and you'll find many arguements for and against), the fact that Albion keep in the black makes them a viable option for investors.

They are ideally placed - in the heart of country, just five minutes of a major motorway network and within sight of England's second city. A modern stadium, a proud and successful brand and the Kudos of Premier League football. What more could an investor want?

Good question.

Because since 2005 there has been little movement to suggest anyone would be interesting in throwing their own funds into the Albion kitty. However, small shareholder Roger Dickens, a major player at the NEC and West Bromwich Building Society, was one such man. Backed by a personal fortune of £40million and a regular in the Sunday Times Rich List, the Albion fan headed a consortium of wealthy shareholders with a view to testing the water. It never happened. He died early 2006. As the main money man of the group, the consortium had no choice but to end its interest. We'll never know if their consortium would have been ignored, forced Peace's hand or merely opened up opportunities for others.

Since then...nothing.

How about foreign investment?

Is it really all its cracked up to be? Think about it - for every Abramovich or Briatore, you get a Mandaric or Hicks. Ask Roman Bednar how Vladimir Romanov is perceived by Heart of Midlothian fans, former coaching staff or ex players. Look at other clubs who have suffered following takeovers or buy-outs.

Then there are the Glazers, who, we're led to believe, have offset their debt onto Manchester United. What happens if these investors become bored somewhere along the way? After all, not many clubs can win silverware. There are only three domestic trophies to play for - these impatient billionnaires may get bored of being sat somewhere near the middle reaches of the Premier League. A Pagani Zonda supercar is all very nice to show off as a boy's toy but not if you keep getting stuck in traffic.

What happens if the new investors and potential owners wish to bring in their own manager? Where does that leave Tony Mowbray? Jeremy Peace has reduced season ticket prices - will the next man do so if he is expected to bankroll a spending spree? I reckon not.

Villa have seemingly got lucky with Randy Lerner, a man who has effectively charmed the clubs' supporters and has a positive working relationship with manager Martin O'Neill. But look at Blues - a board who no longer wish to be there, with supporter apathy growing with each season.

All ifs and buts. Investment may not happen. It might change the club forever. Right now we don't know - that's for another day. As is an evalution of Peace's role as chairman. After all, this doesn't mean he is going anywhere just yet. Where would Peace fit into this potential restructure? Again, a question for another day.

Equally, how does it affect spending for this season? That's one of the questions I'll be putting to the Albion chairman.

By all means Albion fans should get excited about what could be the first seeds of a bright new future for the club. But I also urge caution.

Sometimes you are better off sticking with the chairman you know. You never know what the next man's motives will be...