English Championship club West Bromwich Albion have agreed a takeover deal with Florida-based businessman Shilen Patel.
Patel emerged as the preferred candidate to takeover the club by outgoing owner Guochuan Lai, who had been in control of West Brom since September 2016.
Patel will acquire an 87.8 per cent shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club.
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The takeover is set to be ratified next week after Patel, who will be named as West Brom’s chairman, arrived in Birmingham on Thursday to close the deal.
Patel will be in attendance at West Brom’s stadium, the Hawthorns, on Friday night as Carlos Corberan’s side host Southampton in the Championship.
It is understood that the proposed price tag is just over £20million, which will be paid in three instalments over 18 months. Patel’s group is also taking on almost £40m in debt.
Patel has owned a minority shareholding in Serie A club Bologna — who are currently fifth in the Italian top flight — since 2014.
“I am thrilled and grateful to have reached an agreement to become the custodian of West Bromwich Albion Football Club,” Patel said after the club published the takeover update on Thursday.
“The club’s exceptional history, support, and potential set it apart even here in the cradle of football.
“My goal is to help the club achieve a future worthy of its history as a pioneering top-flight club that marshals the pride and passion that have defined the Albion for generations.
“I am excited to get started at The Hawthorns and look forward to the deal completing next week.”
Earlier this week, Lai agreed a deal to repay a loan he secured on shares in West Brom’s parent company to speed up the takeover process.
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Lai acquired the West Midlands club from Jeremy Peace for over £200m in July 2016 but oversaw a period of turbulence.
The outgoing owner controversially declined to pay back a £5m loan which was paid to one of his other companies in June 2021.
West Brom were relegated from the Premier League in 2018 and despite winning promotion back to the top division in 2020, they were relegated again the following season and have failed to record a top eight finish in either of the two most recent Championship seasons.
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West Brom are a founding member of the Football League and the club have been English champions once and have won five FA Cups.
The Midlands club have spent the majority of their 146-year history in the top flight but have yo-yoed between the Premier League and Championship several times in the last 20 years.
West Brom are currently fifth in the Championship — within the playoff places for promotion to the Premier League.
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(Paul Greenwood – CameraSport via Getty Images)