Chinese businessman Lai Guochuan controls West Brom

The Premier League side West Bromwich Albion (WBA) announced that Chairman Jeremy Peace has agreed to sell West Bromwich Albion Holdings, the Club’s parent company, to a Chinese investment group headed by Lai Guochuan.

The 42-year-old businessman is the controlling shareholder of Yunyi Guokai (Shanghai) Sports Development Limited.

Yunyi Guokai was founded in March in Shanghai, with a registered capital of RMB 1.95 billion. The company will acquire a 100% share in West Bromwich Albion Holdings, which hold an 88% stake in the Premier League club.

According to an official report, after the completion of the takeover, Jeremy Peace will resign as Chairman after a 14-year stint at the helm and 16 years on the board. John Williams, the former Blackburn Rovers Chief Executive and Chairman, will take up the role of Chairman at The Hawthorns.

The sale, agreed on 24 June, is expected to be approved by the Financial Conduct Authority and Premier League, whose reviews are currently underway.

As Lai Guochuan said: “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."

The club’s current 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."

Source: wba.co.uk

Proofread by Sean O Diobhilin