Chris Farnell sends signed letter to Guochuan Lai as £110m takeover twist emerges at West Brom on Monday
Chris Farnell is making a renewed attempt to buy a minority stake in West Brom after previously appearing to have fallen behind Shilen Patel in the running, according to BBC Sport.
The news outlet reported on its website on Monday (29 January) that it has seen a letter signed by the Cheshire-based businessman to the Baggies’ controlling shareholder Guochuan Lai, suggesting proof of funds totalling £110million can be provided.
It said the cash will cover the £28million plus associated costs owed to MSD Holdings, provide £15million to cover immediate running costs, plus £5million to purchase a 9.5 per cent stake in the club as well as provide proof of future funding to the Football League.
Turn of events
This is quite an unexpected turn of events after Farnell’s bid alongside local businessman Alex Hearn had looked likely to fail.
The new proposal would see the duo take up a minor share in the club and pay off some of the debts that have been racked up in recent years.
American businessman Patel’s bid is believed to have the backing of MSD, the Baggies’ largest creditor, which has likely given him the edge in securing a takeover.
But it will be interesting to see how this latest development on Farnell’s ambitions to invest in the club will sit with Lai as he weighs up his options.
The most thing for Albion, though, is that the situation is cleared up as quickly as possible to ensure the club’s long-term future is secured and matters can start improving on and off the pitch.
In other West Brom news, Roy Keane blasted a senior player live on air for what he did against Wolves.
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