West Brom's £150 million Chinese takeover confirmed

West Brom are set to be taken over before the first game of the season by new Chinese owners who have agreed to pay in excess of £150million.

Albion have confirmed they have entered into an ­exclusive agreement to sell the Midlands club.

Baggies owner Jeremy Peace has decided to cash in on his 88 per cent stake after receiving a massive offer from the Far East.

But Peace is keen to preserve his legacy at the debt-free club after buying them in 2003 and turning them into an established Premier League club.

And he has verbally insisted on retaining manager Tony Pulis, who has never been relegated before.

The new wealthy owners are believed to be an ­ambitious Chinese investment group who have funds for new players in the transfer window in order to help the club progress.

The sale of the club is not expected to affect Tony Pulis' summer transfer plans. Peace said: "This process should be completed by the end of this month and in the meantime, the club wishes to assure supporters preparations for the new season will remain unaffected."