Chinese investment group complete West Brom takeover
By iSportconnect | August 5, 2016
West Bromwich Albion have confirmed that Jeremy Peace has agreed to sell West Bromwich Albion Holdings, generic the Club’s parent company, to a Chinese investment group headed by Guochuan Lai.
The 42-year-old entrepreneur is the controlling shareholder in Yunyi Guokai (Shanghai) Sports Development Limited which will acquire Albion, subject to approval of the deal by the Financial Conduct Authority and the Premier League.
Jeremy Peace will be resigning as Chairman of the club after a 14-year stint at the helm and 16 years on the board with John Williams, the former Blackburn Rovers Chief Executive and Chairman, taking up the role of Chairman at The Hawthorns.
The sale was agreed on 24 June since which time both parties have waited for regulatory and approval processes in China to be completed before making the agreement public. Completion is expected on approval of the FCA and Premier League, whose reviews are currently underway.
Guochuan Lai says: “I am excited and privileged to have the chance to become the new owner of this great Club. My immediate priorities will be to maintain the Club’s stable structure, respecting its well-run nature and its heritage. I have no intention of changing the Club’s ethos.”
And outgoing Chairman Peace comments: “I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the Club’s progress.”