Florida-based Shilen Patel completes West Brom takeover

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Florida-based entrepreneur Shilen Patel completed his takeover of Championship promotion chasers West Brom on Wednesday.

Earlier this month, West Brom said Patel and his father, Kiran Patel, had agreed a deal worth a reported £60 million ($75.6 million) to acquire Lai Guochuan's 87.8 percent majority stake in the club.

And the Baggies said Wednesday the formalities of the takeover by a company owned by the Patels had been completed, with the deal already approved by the English Football League.

"I am delighted and humbled to become the new custodian of West Bromwich Albion Football Club," new chairman Patel told the club's website.

"Today marks the beginning of an exciting project for the club to regain its standing as a consistent Premier League presence."

West Brom are fifth in the Championship table as they eye a play-off place.

"Success does not occur overnight, but it is my ambition to build on the club's current and historical strengths," added Patel, who has owned a minority shareholding in Italian Serie A side Bologna since 2014.