'Don't expect Albion to hit the January sales'

We're at that time of year where there's a last-minute rush for Christmas presents - me included - but football clubs can't make their purchases until the January transfer window opens.

However, there isn't expected to be a rush to the market for Albion in the New Year. That's because the club's precarious financial situation that owners Bilkul inherited upon taking over in February 2024 hasn't gone away yet.

Some fans have grown impatient with the inconsistent performances they've seen in Ryan Mason's debut campaign as head coach, so it might be frustrating to read that.

But, as chairman Shilen Patel described it in an open letter back in June, it's their "regulatory reality".

The EFL's profit and sustainability rules (P&S) are dictated by a three-year rolling period in which clubs can only lose around £39m in that time.

While some elements of an annual loss can be discounted if it funds infrastructure, the academy or women's team, West Bromwich Group Limited, which is the part of the club governed by the financial rules, reported a £37.6m loss in the 2023-24 season alone.

That has left them very close to the line and it's a minor miracle they haven't breached it.

The summer departures of player of the year Torbjorn Heggem, star winger Tom Fellows to Southampton and on-field skipper Darnell Furlong to Ipswich effectively helped avoid a points deduction.

Regarding the latter two, Baggies boss Mason recently described having to sell to Championship rivals as something they needed to do to get through "a storm", and praised the owners for navigating it.

But he did offer a ray of sunshine when saying there will "come a time" when the club can "kick on".

Those gloomy financial clouds will hopefully begin to lift as soon as next summer. That's because that huge loss from two seasons ago will be in the irrelevant distance from an accounting point of view.

Patel, who has covered the club's significant debts since his arrival, also revealed in his June letter that Albion started the 2024-25 campaign with the highest payroll of any team not receiving parachute payments.

That legacy will be lessened when some of the remaining high earners from the previous regime are out of contract in the middle of 2026.

Club captain Jed Wallace and injury-hit striker Daryl Dike are among the players most likely to move on.

Something else that could happen in the near future is the EFL following the Premier League in switching from P&S to a Squad Cost Ratio model.

From the 2026-27 season, it will limit player-related costs to 85% of a top-flight club's revenue. Nothing has been agreed by EFL teams yet, but it's a model the West Bromwich Albion hierarchy is believed to be supportive of.

Despite walking a fine financial line, Bilkul have managed to dip into their pockets in previous windows.

Almost £5m was committed towards the purchase of top scorer Aune Heggebo this past summer, a £3m deal was done for Mikey Johnston the previous year and there was significant investment in Isaac Price and Tammer Bany last January, but the next winter window is expected to be much quieter.

Current loan pair Toby Collyer and Samuel Illing-Junior could be recalled by their parent clubs, Manchester United and Aston Villa, respectively.

Midfielder Collyer has made just three starts because of injury, while Iling-Junior has shown brief flashes of quality but not enough to nail down a regular spot.

If they are recalled, the Baggies will look to replace them. On top of that, I understand Albion's president and sporting director Andrew Nestor is working to bring in one additional player via the loan market.

Perhaps most pleasing for Mason though, given his squad's lack of strength in depth, is that there aren't expected to be any major departures.

The only scenario for an exit from The Hawthorns would be if an offer too good to refuse was made for a soon-to-be out-of-contract player.

If that were to happen, they would be replaced, but the Baggies also wouldn't sell if they felt it would completely derail any internal hopes they still have of being in the mix for a Championship play-off place.

A top-six finish does feel optimistic based on performances so far and with the Baggies currently 16th in the table. That's their joint lowest position heading into Christmas Day in 30 years, but it is only the halfway point of the campaign and a good run of results over the festive period would significantly change the external mood in the short term.

The long-term hope is that the fans' patience – and likewise the ownership's with the head coach's learning curve of a campaign – will be rewarded with brighter and more exciting times in the future.