West Bromwich Albion takeover: Club confirm US businessman Shilen Patel to become new owner

The long-awaited West Bromwich Albion takeover is finally happening. A very rich American now wants to give the club "a future worthy of its history."

Late on Thursday night, Albion confirmed Florida-based businessman Shilen Patel had agreed to purchase the club from Guochuan Lai - the departing owner hated by fans.

The deal came sooner than many expected and already has the approval of the EFL.

That might in part be because of Albion's dire financial situation, they were taking out loans just to meet basic running costs.

Exchange and completion is expected to take place next week with 87.8% of Albion's parent company going to Patel.

He has set up a separate company for the deal called Bilkul Football WBA, LLC. It is ultimately owned by him and his father Dr Kiran Patel.

Bilkul means "absolutely" in Hindi.

Shilen, 43, 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 has invested in technology, healthcare, sport, real estate, finance, food and beverage across five continents and has a minority shareholding in Italian football club Bologna.

Since the announcement, Albion fans have taken to social media to share their joy.

On Friday night Mr Patel will enjoy his first game since going public. He will be greeted by the most thankful fanbase in the country.

Dark clouds have hung over the Hawthorns for several years but now there is new hope from the Sunshine State.