Chinese entrepreneur Guochuan Lai completes deal
The Club can today announce that Chairman Jeremy Peace has agreed to sell West Bromwich Albion Holdings, the Club’s parent company, to a Chinese investment group headed by Guochuan Lai.
The 42-year-old entrepreneur is the controlling shareholder in Yunyi Guokai (Shanghai) Sports Development Limited which will acquire Albion and usher in an exciting new phase of the Club’s development, subject to approval of the deal by the Financial Conduct Authority and the Premier League.
Guochuan has created his wealth in the booming Chinese economy and Baggies fans can find out all they want to know about Albion’s future owner here at wba.co.uk
* Full statement on Albion takeover
* A message from Guochuan Lai
* Jeremy Peace bids farewell after 14 years
* New Chairman John Williams addresses fans
We’ll also have an exclusive first video interview with Guochuan Lai available here as an historic day of change at The Hawthorns sees:
*Jeremy Peace resigning 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, taking up the role of Chairman at The Hawthorns
The sale was agreed on 24 June since which time both parties have waited for regulatory and approval processes in China to be completed before making the agreement public. Completion is expected on approval of the FCA and Premier League, whose reviews are currently underway.
In the intervening weeks, the business of the Club has been conducted normally, with the support and knowledge of the Buyer. This will continue to be the case going forward until completion.
Guochuan Lai says: “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."
And outgoing 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."