Guochuan Lai, 42, the entrepreneur who leads a Chinese investment group, is to purchase the West Bromwich football club. The decision was made in June by West Brom chairman, Jeremy Peace. Peace, who was originally chief executive of Blackburn, has been WBA’s chairman for the past fourteen years. The buy will be finalised after approval from the Financial Conduct Authority and the Premier League.
Lai said “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.
“I believe that we have a competitive team with the right management and coaching staff in place.”
WBA was almost sold last summer, again to a Chinese group, before Peace ended negotiations. Peace, who owns 88% of the club, was reportedly looking for a price of £150m for his shares. Other Midlands football clubs, such as Aston Villa and Wolves, have also been snatched up by Chinese investors over the course of this summer.
Peace said “I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club’s progress…The club can look to the future with excitement about the opportunities ahead.”
