US businessman Shilen Patel in West Brom takeover talks

Patel, based in Florida, has emerged as the frontrunner following talks with controlling shareholder Guochuan Lai though there is as yet no timeframe on when a deal might be completed.

Lai has been engaged in discussions with at least three interested parties, having decided last year to sell the 88 per cent stakehold he purchased for more than £200million from Jeremy Peace in 2016.

Albion are now valued at a fraction of that amount, with any takeover expected to cost between £30-35million with the additional loans taking the price up to around £60m.

The youngest of three children, Tampa-born Patel was previously the founder and chief executive of HealthAxis, a health insurance-focused software company. His father, Dr Kiran Patel, is worth around $400m and his son has now taken control of the family business.

Lai, whose ownership has been the subject of huge criticism from supporters, has come under increasing pressure to sell with the Baggies no longer in receipt of parachute payments and their financial outlook increasingly strained.

It is understood several players, including Brandon Thomas-Asante, John Swift and Tom Fellows, are the subject of serious interest from rival clubs. The Baggies, who must lower the wage bill regardless of whether a takeover occurs, may find their resolve tested later in the window.

Albion took out a £20m loan from American firm MSD Holdings last January to help with cashflow, with an additional sum taken out a month ago.

Lai, who has been unable to invest any of his own money in the club, is yet to pay back a £5m loan paid to one of his other firms in 2021.