West Brom to post ‘big loss’ in March as hurdle cleared for Shilen Patel takeover at Hawthorns
West Brom are expected to post a “big loss” when they publish their accounts at the end of March or early April.
That is according to The Athletic, with the publication reporting on Wednesday (14 February) that Shilen Patel’s takeover at The Hawthorns is a step closer after Guochuan Lai agreed a deal to repay a loan he secured on shares in the club’s parent company.
The Athletic noted that a hurdle has now been cleared by the Florida-based businessman, with the need for a change in ownership “urgent.”
“Lai borrowed £2million from a company controlled by local entrepreneur Alex Hearn in 2021,” according to The Athletic. “Repayment was scheduled for last week but the Chinese businessman failed to settle the debt, which meant Hearn was entitled to claim at least 2.35 per cent of West Bromwich Albion Holdings.
“The outstanding amount had already grown to more than £4million and a default interest rate had just kicked in, which had the potential to see the debt grow quickly, potentially giving Hearn the right to claim a larger stake in the club. As a result, he had been in talks about joining Cheshire-based lawyer Chris Farnell’s bid for the club as a minority partner.
“However, with the Patel bid now in the lead, Hearn has decided to let Lai repay him in three instalments over the next 18 months. The timing of these instalments would be linked to the payments Patel would make to Lai for control of West Brom. Hearn has also agreed to accept a smaller sum and waived the default interest rate. This clears one of the hurdles in Patel’s way and makes Farnell’s path to control more difficult.”
West Brom takeover confirmed soon?
Albion fans have understandably grown tired of Lai and all of his problems at The Hawthorns, but the good news for supporters is that his reign could end soon.
Patel, who has ties with Serie A club Bologna, is certain to be a much better fit, with his arrival set to lift spirits in and around The Hawthorns.
West Brom have been up and down between the Premier League and Championship in recent years, but perhaps a change at board level could fix that.
Patel will, of course, have a lot of hard work to do should he be the next person at the helm, but his spell in the Midlands simply couldn’t be any worse than Lai’s.
Amid all of the background noise, Albion manager Carlos Corberan and his tight-knit group of players have done a superb job on the training ground and on the pitch.
With all of the distractions, the club sit fifth in the Championship table, and are mounting a serious promotion charge.
In other West Brom news, Daryl Dike’s sister has sent a message after an injury announcement at The Hawthorns.
For more West Brom news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.