West Brom are close to takeover and owner will select preferred bidder

Guochuan Lai celebrates taking over at West Brom in 2016 but his reign has turned sour. Photo: Getty Images/Matthew Ashton

West Bromwich Albion are moving closer to a sale and unpopular owner Goochuan Lai is set to select his preferred bidder.

Three consortiums, including one from the US and one from Nigeria, are in the running advanced negotiations on the takeover of the affected enterprise. Champion Club.

Lai, a Chinese entrepreneur and the club's controlling shareholder, is under intense pressure to sell and is expected to grant exclusive rights to the best option within the next 10 days.

West Brom are valued at around 30 million £ sterling, plus various debts and loans, bringing the total value closer to £60 million.

Although all parties have signed non-disclosure agreements, it is understood that the American group is currently in pole position.< /p>

West Brom are having to cut costs in the January transfer window and head coach Carlos Corberan's squad is at risk of being dismantled.

And the Sale will provide some protection from a sell-off, so the club faces a race against time to complete the takeover before the end of next month.

The preferred party will have to pass the English Football League's owners and directors test, which has become more stringent in recent years.

Any sale would finally end Lai's tumultuous reign after more than seven years. Lai bought the West Midlands club from Jeremy Peace for more than £200 million in July 2016.

He came under scrutiny after refusing to repay a loan of £5 million, which was paid to one of his companies in June 2021.

There is also an outstanding loan from Peace's club company WBA Holdings Ltd, which now stands at £5 million after interest. A further £2m was taken in September 2021 when Lai borrowed money from an independent lender who has no debt to the club.

Lai also failed to provide investment beyond the TV money and parachute payments. , while borrowing more than £20 million from US investment company MSD Holdings Limited.

West Brom are currently fifth in the Championship and travel to Rotherham United on Tuesday evening.