West Bromwich Albion have confirmed the anticipated takeover by a Chinese investment group led by entrepreneur Guochuan Lai.
The Club’s former chairman Jeremy Peace – who took over the club in 2002 – agreed a deal to sell to the group in June but they had needed approval from the Financial Conduct Authority and the Premier League to make it official.
Now it’s been announced, ownership has been transferred to the group, Yunyi Guokai (Shanghai) Sports Development Limited, with former Blackburn Rovers chairman John Williams as Pearce’s successor.
The statement on the club’s official website reads: “West Bromwich Albion Football Club confirms that the change of control announced in August 2016 has now been completed.
“All preconditions to completion of the agreement have been satisfied resulting in the transfer of ownership of West Bromwich Albion Holdings Limited, the principal shareholder of the Club’s parent company, from Jeremy Peace to Yunyi Guokai (Shanghai) Sports Development Limited, a company controlled by Guochuan Lai.”
Lai commented: “I’m delighted to complete the acquisition and to become the next steward of the Club. I would like to thank Jeremy Peace for his leadership over the last 15 years and for laying the strong foundations for the next stage of the Club’s development.
“I am excited to have the opportunity to support the Club’s Chairman, John Williams, and the team in building the Club over the years ahead.”
Peace said: “It has been a tremendous privilege to lead the Albion. I am proud that 11 of my 15 seasons as Chairman have been spent in the Premier League whilst three others brought automatic promotion from the Championship.
“Guochuan Lai has been a supportive partner during the handover process and we have both done everything possible to move the Club forward. Guochuan, John Williams, my board colleagues, our staff and supporters have my very best wishes for the future.”
The Baggies’ first game with Lai and Williams in their new roles will be when they host West Ham on Saturday, following their defeats to Everton and Bournemouth, a goalless draw against Middlesbrough and 1-0 win over Crystal Palace.
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