American businessman and entrepreneur Shilen Patel is set to become West Bromwich Albion chairman after a deal to purchase a stake in the Championship club was agreed.
The takeover of the Championship club, worth a reported £60m, to acquire 87.8 per cent majority shareholding has been approved by the EFL.
Chinese entrepreneur Lai bought the club from Jeremy Peace eight years ago in a deal worth more than £175m. But after West Brom failed to return to the Premier League following its demotion at the end of the 2021 season it has been losing substantial amounts of cash.
The club owes £28m to finance company MSD and the deal has been brokered in the nick of time as it was thought to be running low on cash.
The takeover by Bilkul Football WBA, owned by Florida-based Patel and his father Kiran Patel, has been approved by the English Football League.
“Bilkul Football WBA, LLC – a company ultimately owned by Florida-based entrepreneur Shilen Patel and his father Dr Kiran C. Patel – has reached an agreement to acquire an 87.8 per cent shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club, ” A statement from West Brom reads
“The takeover has been approved by the EFL, with exchange and completion to take place next week.”
Shilen Patel said he “looks forward to the deal completing next week”.
Albion, who are currently fifth in the second tier, have been owned by Guochuan Lai since 2016.
BBC Sport reported in January that Patel had become a significant candidate to take control of the club.
“I am thrilled and grateful to have reached an agreement to become the custodian of West Bromwich Albion,” Patel said.
“The club’s exceptional history, support and potential set it apart, even here in the cradle of football.
“My goal is to help achieve a future worthy of its history as a pioneering top-flight club that marshals the pride and passion that have defined Albion for generations.”
