- West Brom stated that the takeover has now been approved by the EFL
- Shilen Patel said he was ‘excited’ for the deal to be completed later next week
- Liverpool must be ruthless – Jurgen Klopp has to hang on to two-point lead until title clash with Man City – It’s All Kicking Off podcast
West Browmwich Albion have finally emerged from their two-year nightmare as US businessman Shilen Patel agrees to take control of the club.
Patel’s Bilkul Football group have taken an 88 per cent stake in the club and brought the disastrous reign of Guochuan Lai to a conclusion.
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 is expected to attend Friday’s clash with Southampton at The Hawthorns.
Mail Sport revealed both in December and earlier this month that a deal was edging towards the finishing line.
The asking price for Albion is thought to be close to £60million – about £28m for the club itself with the remainder covering the debt.
Lai bought the club from Jeremy Peace for £175m in 2016 and from day one, the Chinese investor was clear he would not be putting in much of his own money.
In December 2022, Albion took out a £20m four-year loan with MSD Holdings to cover the decline in revenue caused by relegation.
Lai has also taken £10m in loans from the club which he has not paid back. There was a further loan from MSD late last year, believed to be between £6-8m.
Top earner Kyle Bartley is thought to collect about £38,000 per week – a huge salary in the post-Covid Championship – and is one of several squad members earning more than £1m per year.
West Brom’s wage ceiling for new players is now thought to be capped at about £10,000 per week and there has been limited scope for reinforcing Carlos Corberan’s squad, though homegrown winger Tom Fellows signed a new three-and-a-half-year deal in January.
Corberan is thought to have impressed Patel and is unlikely to be in any immediate danger despite the change at the top.
Olivia Martin is a dedicated sports journalist based in the UK. With a passion for various athletic disciplines, she covers everything from major league championships to local sports events, delivering up-to-the-minute updates and in-depth analysis.
