Jeremy Peace will stay in charge of West Bromwich Albion after ending discussions about selling his shares of West Bromwich Holdings.
The Baggies supremo entered into an exclusivity period with a consortium believed to be from the Far East who were interested in taking over the club.
But Peace has now called an end to negiotations after it became clear that the interested party would be unable to agree to the terms on a deal before the start of the season.
In an official statement Peace said that after entering into a period of exclusivity in ‘good faith’ it was clear that ‘this potential purchaser is unable to fulfil the terms of that agreement at this time.’
‘The Club's long-term stability and continued development is of paramount importance and I am not satisfied that the interests of West Bromwich Albion would have been best served by my continuing discussions at present,’ he added.
Despite discussions about selling his shares in the club, Peace has always insisted that any takeover bid would not impact the day-to-day running of the club – and Albion’s activity in the summer transfer window.
Yet the Baggies have only managed one summer addition so far with James McClean joining from Wigan Athletic. Peace has now emphasised the club’s intentions to add more signings with a takeover bid dead in the water.
‘This is a period in which there is always an understandable impatience for new signings to strengthen our squad and nowhere is this pressure more keenly felt than at board level,’ he said.
'We have been busy pursuing transfer targets with the determined intention of helping our Head Coach Tony Pulis assemble a squad which he can take into the new Barclays Premier League campaign with optimism.
'But, as Tony has confirmed, we will not be held to ransom. Of course I know this can add to supporter frustration but I do believe they will see our efforts come to fruition over the course of the transfer window.'
Peace added that a future takeover may still be possible, but that any deal would not jeopardise Albion’s future or the club’s position within the Premier League.
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