West Brom confirm sale of club to Chinese investment group
West Bromwich Albion Football Club will soon be under new ownership after it was confirmed that the current owners have agreed to sell the club to Chinese investment group Yunyi Guokai Sports Development Limited.
The full takeover is set to go through in the next couple of weeks, with both the Financial Conduct Authority and the Premier League set to ratify the deal.
Chinese entrepreneur Guochuan Lai, who holds a controlling stake in Yunyi Guokai Sports Development Limited, will become the club’s new owner.
Former owner Jeremy Peace has resigned as the club’s chairman with immediate effect and his place will be taken by chief executive John Williams.
Once the deal is completed, Albion will become the first Chinese-owned club in the Premier League and the third Midland club to be taken over by a Chinese consortium after both Wolverhampton Wanderers and Aston Villa were taken over during the summer.