Businessman Shilen Patel of Florida has finished acquiring West Bromwich Albion, a Championship team.
Patel takes over as West Brom’s chairman, succeeding departing owner Guochuan Lai, who had owned the team since September 2016.
Through Bilkul Football WBA, LLC, a business that is ultimately owned by Patel and his father Dr. Kiran C. Patel, Patel obtains an 87.8% stake in West Bromwich Albion Group Limited, the parent company of West Brom.
It is estimated that the anticipated cost will be somewhat over £20 million, to be paid for in three installments spread over an 18-month period. Also, Patel’s group is taking on debt of about £40 million.
Since 2014, Patel has held a minority stake in Bologna, a Serie A team that is presently fourth in the Italian top division.
After the takeover was confirmed, Patel stated, “I am delighted and humbled to become the new custodian of West Bromwich Albion Football Club.”
“The club is embarking on an ambitious project today to restore its reputation as a reliable Premier League player. Although success does not come easily, my goal is to capitalize on the club’s past and present accomplishments and surround West Bromwich Albion with excellent domestic and international stakeholders.
“I also have the good fortune to be carrying on The Albion Foundation’s outstanding work both here and internationally. I am honoured to have the chance to contribute to writing the next chapter in Baggies history, and I promise to treat the team with stewardship that is respectful, accountable, and productive.
After purchasing the West Midlands team in July 2016 for more than £200 million from Jeremy Peace, Lai has been the manager for more than seven years.
But West Brom has had turmoil during this time. They were demoted from the Premier League in 2018 and, even though they were promoted back to the top division in 2020, they were demoted again the next season. They have also failed to finish in the top eight in the last two Championship seasons.
Controversially, the departing owner refused to return a £5 million loan that had been made to one of his other businesses in June 2021.
One of the Football League’s founding teams, West Brom, was crowned English champions in 1920 and boasts five FA Cup victories.
The Midlands club has been in the top division for the most of its 146-year existence, but in the previous 20 years, it has alternated between the Premier League and the Championship on multiple occasions.
West Brom is presently in the running for promotion to the Premier League, sitting in fifth place in the Championship.
Their next game is on Friday night at home against Coventry City, a rival team from the Midlands.
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