Championship club announce £60million takeover as American businessman strikes agreement
FLORIDA entrepreneur Shilen Patel and his father Dr Kiran C. Patel have reached an agreement to acquire an 87.8 per cent shareholding in West Bromwich Albion Group Limited.
That is the parent company of West Bromwich Albion Football Club.
PAAn American businessman has reached an agreement to take over West Brom[/caption]
Shilen Patel will also be named Chairman of West BromRex
The takeover has been approved by the EFL – and completion is to take place next week.
Shilen Patel, who will also be named Chairman of, is described as a serial investor across five continents.
He has owned a minority shareholding in Serie A club Bologna since 2014.
Shilen Patel 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.”
Patel will replace Guochuan Lia, who purchased the Baggies in 2016.
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He spent £175million to replace Jeremy Peace at the Midlands club.
Reports claim Patel’s deal could be worth £60million.
Of that, £28m would be for West Brom itself.
And the rest covers the debts left over from the previous regime.
The Baggies currently sit fifth in the Championship with 15 wins from 31 games.
They are 14 points off the automatic promotion spots.
And fans will be hoping that Patel can return them to the Premier League following relegation in 2021.
