New West Brom owner: 'I won't change club's ethos'
New Albion owner Guochuan Lai has promised not to change the club's ethos after his takeover.
The 42-year-old, who has bought Jeremy Peace's 88 per cent stake in the Baggies, says his first priority is to maintain the club's stability and respect it's heritage.
Lai said: "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.
"There are already strong links between China and West Bromwich Albion, which began with an historic tour to China in May 1978 when the Club accepted an invitation from the Chinese Government and became the first English club to tour China in modern history.
"I am proud that I will be the first mainland-Chinese owner of a Premier League club. This historic deal will result in a rapid and significant increase in interest in the Club in China, which should lead to attractive commercial opportunities.
"Meanwhile the Club will be uniquely positioned to take its well-regarded training system to China, helping to identify and develop more talented young players in the future.
"I would like to thank Jeremy Peace as he hands over a Club in great shape.
"That legacy, together with the commitment of John Williams and the board, Tony Pulis, the players and staff, will ensure that everyone involved with West Bromwich Albion has many reasons to celebrate in years to come."
Lai is chief shareholder in Yunyi Guokai Sports, a new company focused on the sports industry which was formed to complete the takeover.
He built his career developing Palm Eco-Town Development Company into China's largest landscape design and construction business.
Palm is listed on the Shenzhen Stock Exchange with a market capitalisation of £1.8billion. It generated revenue of £500m in 2015.
Guochuan will remain based in China to stay with his family and manage his business interests in the Far East.
New chairman John Williams will oversee the day-to-day running of the club.
