Florida-based entrepreneur Shilen Patel and his father Dr Kiran C. Patel are on the brink of becoming the new owners of West Bromwich Albion.
Since the beginning of the season, it has been known that the Baggies have been searching for new owners to replace Guochuan Lai as the club bid to improve their financial position.
A recent report in The Athletic indicated that West Brom's debts were in the region of £40m with another significant financial loss expected to be posted in due course.
However, on Thursday evening, the Championship outfit formally announced that Bilkul Football WBA, LLC - a company over by Shilen Patel and Dr Kiran C. Patel - would be confirmed as owners next week.
The West Midlands side say that the takeover has already been approved by the EFL ahead of the formal finalisation of the process next week.
Shilen Patel told the club's official website: "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 already holds a minority shareholding in Italian side Bologna and has made investments in several different industries across five continents.
West Brom will hope to mark the announcement with a victory over Southampton at The Hawthorns on Friday evening, with Carlos Corberan's side looking to move seven points clear of seventh place in the standings. body check tags ::
