West Brom takeover: Guochuan Lai completes £175m deal
Chinese businessman Guochuan Lai has completed his £175million takeover of Albion, the club has confirmed.
Lai's purchase of Jeremy Peace's 88 per cent controlling stake in the Baggies, first announced last month, has now been approved by the Premier League.
Peace is replaced as chairman by former Blackburn Rovers chief John Williams but will remain as a consultant to the club over the opening months of Lai's reign.
Lai said: "I'm delighted to complete the acquisition and to become the next steward of the club.
"I would like to thank Jeremy Peace for his leadership over the last 15 years and for laying the strong foundations for the next stage of the club's development.
"I am excited to have the opportunity to support the club's chairman, John Williams, and the team in building the club over the years ahead."
Peace, who has been in charge at the Hawthorns since 2002, said: "It has been a tremendous privilege to lead the Albion. I am proud that 11 of my 15 seasons as chairman have been spent in the Premier League whilst three others brought automatic promotion from the Championship.
"Guochuan Lai has been a supportive partner during the handover process and we have both done everything possible to move the club forward.
"Guochuan, John Williams, my board colleagues, our staff and supporters have my very best wishes for the future."
