SO the statement's been made - we're told Jeremy Peace is looking for investment. But is he really looking to sell up? I'm not so sure.

Firstly we know that in the next AGM, to be held sometime in November, Peace would have been in a position to consolidate more shares, strengthening his own position and making the club more attractive to potential investors on the basis of having fewer 'scattergun' shareholders around the club.

I'm no financial expert but even I know now is not necessarily a prime time to be seeking a return on his investment.

And I doubt Peace would need to make such a public declaration to find investors. We're talking about a hugely successful businessman, who is more likely to find his Money Men in the City of London or hear about them on the financial grapevine. A public statement is not the way to find your Russian billionnaire or money-rich consortium.

Let me play Devil's Advocate here and put forward a theory - could the Albion chairman merely be priming supporters for a low spending summer?

Tony Mowbray has already said he'll be sprinkling 'magic dust' over his side and working on a budget. There won't be much money around - that's a fact. And that's not easy to explain to those fans who are taken in by tabloid spin of £60million being available to all newly-promoted clubs and those who are waiting for the big names to start filtering into the club. That won't happen.

One could never accuse Peace of being unwilling to spend when necessary or getting value for money but perhaps that Premier League war chest is more conservative than we thought?

Albion could lose their opening four games and Mowbray's stock would still be fairly high such is his standing among fans. So where may the blame be directed? You've guessed it.

We know Albion chairman can be sensitive to criticism. Losing Zoltan Gera to Fulham hasn't helped matters either - yet Peace can't be blamed for the amount another club wish to pay him.

Even so, fingers will be pointed at someone if next season doesn't go to plan. Is this a case of Peace merely putting up the sandbags in readiness for a possible deluge?

It's certainly a theory.

One thing is clear - Peace WILL sell at some stage, but maybe not just yet.

We've seen at Birmingham that money men are difficult to find.

How about foreign investment?

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.

Then there are the Glazers, who, we're led to believe, have offset their debt onto Manchester United. 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, at best, somewhere near the middle reaches of the Premier League.

And where would a buy-out leave Mowbray? Change is not always a good thing.

Peace has reduced season ticket prices - will the next man do so if he is expected to bankroll a spending spree? I reckon not.

The Baggies are certainly an attractive proposition. Seemingly debt-free (the decision to refurbish not rebuild the Halfords Lane stand helps), in a prime location, with the Kudos of Premier League football.

Even so, Albion fans may be thinking that a pot of gold is heading towards the Hawthorns in the light of this statement but I would urge caution.

Things may not be as clear cut as they seem.