Exclusive: Significant update as West Brom takeover edges closer

It is understood there is a confidence on all sides that talks can be concluded within a couple of weeks as the club work to get a deal, believed to be worth in the region of £60million, wrapped up.

That valuation is thought to consist of around £40m debt as well as running costs for the remainder of the season.

Florida-based Patel's presence at The Hawthorns is not a sign that a deal is fully agreed, but that negotiations between all parties, brokered by sports lawyer David Hinchcliffe, continue to head in the right direction.

The Express & Star reported last week that Albion's takeover bid involving Patel had reached a critical stage with timing of the essence as the club continue to operate on loans.

Patel's approach for Albion is the preferred option of MSD Holdings, the firm of US tech giant Michael Dell and the club's chief creditor who has provided two loans of £28m over the last 14 months. Tampa businessman Patel is also the preferable candidate to senior figures at The Hawthorns.

His group's offer would wipe the MSD debts and others gathered. The Patel family is said to have two billion dollars in assets under its management.

Absent Chinese businessman Lai, who bought the club for almost £200m in 2016, has not been at The Hawthorns since January 2022 and faces increasing pressure to sell due to a loss in Premier League parachute payments, leaving him unable to invest in the Championship club.

Lai, meanwhile, has agreed a settlement with local businessman Alex Hearn to repay an outstanding loan.

Cannock businessman Hearn, who recently sold his Brierley Hill business Warmfront Group, loaned Lai £2million in 2021, the repayment deadline of which was February 8.

Both parties have now agreed on a settlement which will see it repaid in three instalments, with Hearn receiving a considerably lower sum than the £4m including interest now owed.

The loan was secured against Lai's shares in West Bromwich Albion Holdings, one of the club's parent companies and failure to repay could have given Hearn the right to 2.35 per cent of shares.

It is understood the instalment dates are next week, August of this year and August 2025.

Hearn was previously connected with a UK consortium involving sports lawyer Chris Farnell, who eyed an initial minority investment.

The £2m loan from Holdings to Lai three years ago is unrelated to the club and a separate dealing between the Chinese and Hearn's business.