Interview with Andreas Zagklis: to keep popularization of basketball with all-round strategy
08 Jul 2024 16:14
West Brom owner Jeremy Peace abruptly cut off takeover talks with the Chinese consortium keen on the club after they were hit by a dramatic stock market dip.
Peace, who owns 88 per cent of the Baggies, had agreed a bumper deal worth more than £150million with the prospective buyers from China.
He granted them exclusivity early this month to complete their buy-out of The Hawthorns outfit before the season starts on August 8.
But Peace ended that agreement on Friday, and suspended negotiations with the group.
As Mirror Sport understands, the parties were unable to agree on a payment schedule for the deal, with Peace insisting on the full amount before completion.
But Chinese investors have been hit by a roller-coaster on their share market with stocks dipping more than 30 per cent in three weeks, wiping out US $3trillion of market value.
Peace said: “I entered into an exclusivity arrangement in good faith after agreeing terms for the sale but it is now clear to me that this potential purchaser is unable to fulfil the terms of that agreement at this time.”
The deal may yet be revived if a compromise can be reached.
Interview with Andreas Zagklis: to keep popularization of basketball with all-round strategy
08 Jul 2024 16:14
Interview with Yiannis Exarchos: to narrate Olympic story in new ways and promote positive values
01 Jul 2024 14:40
Related coverage
Chinese company officially took over Sochaux
07 Jul 2015
Sands ends sports partnership with China developer
25 Jun 2015
Tottenham Hotspur celebrates the Year of the Dog
10 Feb 2018
Adidas appointed sports marketing firm Gemba fights for Chinese market
04 Aug 2015
Arsenal FC links with China’s CCTV5
25 Jan 2016
More from Yutang Sports
SPORTACCORD 2024 INSIGHTS: Paris 2024 here we come!
02 Jul 2024
Interview with Thomas Lund: to follow new trends and bring younger generations to the sport
17 Jun 2024
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
Expert insight | New changes on UEFA EUROs: growing maturity of Hisense and other Chinese brands
22 Jul 2024
SPORTACCORD confirms Istanbul as Host City for 2025 Convention
13 Mar 2025
Yutang Sports
loading...