MSD has had dealings with a number of Premier League and Championship sides, including Southampton, Burnley and Derby County, who went into administration in September 2021 and were relegated to League One, owing MSD £15m.

The Baggies' deal is with the financing group's UK holding company, registered in Cardiff.

Analysis - 'Takeover not as imminent as some fans hoped'

Steve Hermon, BBC WM Sport

There has been speculation in recent weeks that a takeover could be on the horizon for West Bromwich Albion, whose owner Guochuan Lai has made it publicly clear he wants to sell the club he bought back in 2016.

The announcement of an increased loan, which is understood to be significantly lower than the £20m they took out last year, suggests that a takeover isn't as imminent as many Baggies fans would've hoped, although the club's statement does say the hierarchy are "engaging with interested parties".

For now the money, that must be paid back with interest over a four-year period, will continue to fund general business operations. It's another reminder of the precarious financial situation at The Hawthorns, which had been pushed into the background thanks to recent performances on the field - particularly Saturday's impressive 2-0 victory over Ipswich.

Carlos Corberan has created a real togetherness among his playing squad but, with the need to lower the wage bill, there's concern they could lose some of their talented players in the January transfer window.