Renowned for being a prudent chairman with one eye always on the figures, Peace has insisted that the Baggies are in a sound financial position and stressed any further investment would not effect undergoing preparations for the forthcoming season.
"As a board we recognise the club was relatively strong in the Championship but where we are now it is relatively weak," he said.
"This is why the board has decided to seek new investment and we would welcome proposals ranging from a long-term relationship with a new substantial shareholder all the way through to someone who may want to take the club over.
"We will give the initial screening process until the end of July and if there are no formal proposals by that stage the door will shut because we do not want any of this impacting on the football season.
"In the meantime the business will run as normal and the process will not impact on the current transfer window."
Although it is thought nobody has yet to make a firm offer for the club Peace insisted that anybody interested in purchasing a significant number of shares or the club itself would have to have major financial backing. However, the chairman stressed if nothing materialises by the end of July the club will continue to progress.
"We will try to keep improving the club as we are but the quicker route is to form a strategic alliance with someone to push things forward and accelerate the process," he added.
"We're trying to get someone in at a good time for the club when we are in the Premier League and know that our three-year cash-flow is strong."