EFL 'approves' majority takeover of Sunderland's Championship rivals worth £60 million

Sunderland's Championship rivals West Brom have now had the green light to go ahead with a majority takeover of the club by Florida-based entrepreneur Shilen Patel and his father.

Patel, who is also a minority shareholder in Serie A club Bologna and has held his stake since 2014, has been approved by the EFL to acquire Guochuan Lai's 87.8 percent share in the Albion. The club released an official statement to confirm the news, announcing that the takeover is expected to be completed next week.

"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 percent shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club. The takeover has been approved by the EFL, with exchange and completion to take place next week."

The deal is worth a reported £60 million and once finalised, Patel will be named chairman of West Brom, who are currently fifth in the Championship table, challenging for promotion to the Premier League at the end of the season.

Patel has experience in sport, technology, healthcare, real estate, finance, and food and beverage. He is expected to attend West Brom's match against Southampton this evening at the Hawthorns.

Speaking on his pending takeover of the club, the businessman 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."