West Brom Announces New Owner
EFL Championship football club West Bromwich Albion has officially been taken over by Florida-based businessman Shilen Patel.
The deal sees Patel acquire an 87.8% shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion FC.
Patel, who attended West Brom’s recent match against Southampton FC, emerged as the preferred candidate to take over the club by outgoing owner Guochuan Lai.
Although the value of the deal has not been disclosed, The Athletic has reported the price at around £20m, which will be paid in three instalments over 18 months.
Patel, who also has a minority shareholding in Serie A club Bologna, will also take on almost £40m in debt.
Patel, who will become the Midlands club’s new Chairman, 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.”
Former owner Lai had acquired West Brom from Jeremy Peace for over £200m in 2016, but recently agreed a deal to repay a loan he secured on shares in West Brom’s parent company to speed up the takeover process.
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