West Brom takeover set to be completed next week
Shilen Patel and his father, Dr Kiran C. Patel, have agreed a deal.
Last updated 16th Feb 2024
Florida-based entrepreneur Shilen Patel and his father have agreed a deal to take control of West Brom, the Sky Bet Championship club have announced.
The deal, worth a reported £60million, to acquire Guochuan Lai's 87.8 per cent majority shareholding has been approved by the EFL, with exchange and completion to take place next week, the Baggies said.
A statement from the club read: "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.
"The takeover has been approved by the EFL, with exchange and completion to take place next week."
Shilen Patel, who has owned a minority shareholding in Serie A club Bologna since 2014, is set to be named at the new Baggies chairman.
"I am thrilled and grateful to have reached an agreement to become the custodian of West Bromwich Albion Football Club," he said in a statement on the club's website.
"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 sit fifth in the Championship table.
Patel - whose background is from experience in technology, healthcare, sport, real estate, finance as well as food and beverage - is expected to attend Friday night's home match against third-placed Southampton.