Guochuan Lai is set to become Albion’s new owner after Jeremy Peace sold his 88% controlling stake to Chinese company Yunyi Guokai Sports Development Limited.
The deal to sell the club was agreed back on 24th June and is now subject to approval by the Financial Conduct Authority and the Premier League before the deal can be officially completed.
WBA-MAD understands that the deal is worth in excess of the £180m reported in today’s press.
Former Blackburn Rovers Chairman and Chief Executive John Williams will replace Peace as Chairman with immediate effect, although he will remain in an advisory capacity for the rest of the season.
Albion’s new owner is a Chinese entrepreneur who has amassed his fortune by assisting with the development of Palm Eco-Town Development Company Ltd. Palm generated annual revenues of around £500m last year and current estimates value the company around £1.8bn.
Yunyi Guokai Sports Development Limited is a new company that was formed during to purchase the club's shares.
Lai commented: “I am excited and privileged to have the chance to become the new owner of this great Club. We have a strong squad, loyal fans and a unique culture. 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.”
As a welcoming present to Albion’s fans, Lai has paid for each travelling fan going to Albion’s first game of the season to be presented with a free scarf. He also intends to visit The Hawthorns for Albion’s first home game of the season, where he has promised to buy home supporters a drink.
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