15 February 2024 , 21:56
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West Bromwich Albion has a new owner after medical magnate Shilen Patel agreed to buy the club.
The Baggies have been seeking a buyer for the past two years and the deal is thought to be valued in the region of £60m bringing to an end the tenure of Lai Guochuan.
Chinese entrepreneur Lai bought the club from Jeremy Peace eight years ago in a deal worth more than £175m. But after West Brom ’s failure to return to the Premier League following its’ demotion at the end of the 2021 season it has been losing substantial amounts of cash.
The club owes £28m to finance company MSD and the deal has been brokered in the nick of time as it was thought to be running low on cash.
Patel’s father Kiran, built up a fortune estimated to be worth in the region of $400m, in medical supplies. And his son owns a software company in Florida and has taken over the running of the family business.
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He is understood to have close links to MSD, the main creditors, and will be attending tomorrow’s match against Southampton.
A statement on the club's official website reads: "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 deal ends the unpopular tenure of Lai Guochuan at the Hawthorns"The takeover has been approved by the EFL, with exchange and completion to take place next week.
"Shilen Patel, who will also be named Chairman of the football club, is a serial investor with experience in technology, healthcare, sport, real estate, finance, food & beverage, and numerous other sectors across five continents. He has owned a minority shareholding in Serie A club Bologna FC 1909 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.”
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