A Chinese investment group has completed its takeover of English Premier League side West Bromwich Albion, the club announced on Thursday.
"West Bromwich Albion Football Club confirms that the change of control announced in August 2016 has now been completed," it was announced at the club's official webstie in a statement.
It said that Jeremy Peace has agreed the sale of West Bromwich Albion Holdings Limited, which owns approximately 88% of the club's parent entity to Yunyi Guokai (Shanghai) Sports Development Limited, a company controlled by Lai Guochuan.
Lai said: "I'm delighted to complete the acquisition and to become the next steward of the club."
The 42-year-old added: "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 sale was agreed on 24 June 2016, subject to certain approval and consent processes both in China and the UK. Following the approval of the China (Shanghai) Pilot Free Trade Zone, the principal preconditions to completion are the approval of the Financial Conduct Authority and Premier League, both of which have commenced their review processes.
The statement said that Williams, the former Blackburn Rovers chairman, will take over as chairman of the club with immediate effect and Peace has agreed to stay on in an advisory capacity to assist with the transition to new ownership during the 2016/17 season but steps down from his board positions in relation to the club.
