Shilen Patel is set to become West Bromwich Albion chairman after a deal to purchase an 87.8% stake in the Championship club was agreed.
The takeover by Bilkul Football WBA, owned by Florida-based Patel and his father Kiran Patel, has been approved by the English Football League.
Shilen Patel said he “looks forward to the deal completing next week”.
Albion, who are currently fifth in the second tier, have been owned by Guochuan Lai since 2016.
BBC Sport reported in January that Patel had become a significant candidate to take control of the club.
In a club statement, he said: “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.”
Albion confirmed in November they had taken out another loan for an unspecified amount from American investment group MSD Holdings, on top of the £20m they borrowed in December 2022, to help with “ongoing funding”.
The Baggies have not played in the Premier League since being relegated at the end of the 2020-21 season.
They will host third-placed Southampton at The Hawthorns on Friday (20:00 GMT).
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