"I am excited to get started at The Hawthorns"
US businessman Shilen Patel has agreed to take control of West Brom in a deal worth £60 million.
Bilkul Football Group, which is owned by Mr Patel and his father Dr Kiran Patel, reached an agreement to acquire an 87.8% stake.
He said: “I am thrilled and grateful to have reached an agreement to become the custodian of West Bromwich Albion Football Club.
“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.”
West Brom’s takeover has been approved by the EFL and Mr Patel is expected to attend the team’s match against Southampton on February 16, 2024.
The deal will bring an end to Guochuan Lai’s ill-fated reign.
Reportedly, the arrangement will see Mr Lai, who acquired a majority stake from Jeremey Peace in 2016, lose a substantial amount on his £200 million purchase.
Shilen Patel will also be named Chairman of West Brom.
He is a serial investor with experience in technology, healthcare, sport, real estate, finance, food and beverage, and other sectors across five continents.
Having emerged as the preferred candidate to take over West Brom, Mr Patel arrived in Birmingham on February 15 to close the deal.
His group is believed to be taking on almost £40 million in debt.
Mr Patel’s father has an estimated wealth of £317.9 million and the family business claims to have £1.6 billion in assets under management.
The entrepreneur reportedly has links with MSD Holdings, the same investment firm that has loaned Albion around £27 million – having originally lent £20 million in December 2022 and an additional £7 million in November.
This is not Mr Patel’s first involvement in football.
Since 2014, he has owned a minority shareholding in Italian club Bologna, currently fifth in the Serie A.
It was reported that a West Brom takeover deal was nearing completion.
The club’s top earner Kyle Bartley is thought to collect about £38,000, a huge salary in the post-Covid Championship.
He is one of several squad members earning more than £1 million a year.
The new wage limit for incoming players at West Brom is reportedly capped at around £10,000 per week.
This restriction has made it challenging to bolster Carlos Corberan’s team, although there was some activity as homegrown winger Tom Fellows secured a fresh three-and-a-half-year contract in January.
Despite the recent leadership transition, Corberan is believed to have earned approval from Mr Patel and is not likely to face imminent jeopardy in his position.
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