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West Bromwich Albion to be sold to Chinese investment group

Last updated on .From the section West Bromcomments145

Jeremy Peace
Outgoing chairman Peace has been on the West Brom board for 16 years

West Brom chairman Jeremy Peace has agreed a deal to sell the club to a Chinese investment group led by entrepreneur Guochuan Lai.

Former Blackburn chief executive John Williams will replace Peace, who has been chairman for 14 years.

"My immediate priorities will be to maintain the club's stable structure, respecting its well-run nature and its heritage," said Lai.

"I have no intention of changing the club's ethos."

He added: "I believe that we have a competitive team, with the right management and coaching staff in place."

Williams said his "immediate focus is on our activity in the transfer window" a day after the club pulled out of a move for West Ham striker Diafra Sakho.

"(Manager) Tony Pulis and (technical director) Nick Hammond have told the board we are two or three players short," he said.

"Realistic targets have been identified and there are funds available.

"We need to get them over the line to ensure Tony has a competitive squad for what is going to be a challenging and demanding campaign."

Lai, 42, oversaw the growth of landscaping company Palm in his home country before retiring in May 2014 to focus on private investment.

Palm, which was valued at £1.8bn on the Chinese stock exchange, has contributed to the takeover.

The deal was agreed in June and is dependent on approval from the Financial Conduct Authority and the Premier League.

West brom tweet
Lai said that he was "a lifelong football fan"

West Brom came close to being sold to a Chinese consortium last summer before Peace, who owned 88% of the club, broke off negotiations.

It had been reported that Peace was looking for about £150m for his stake in the club,external-link which recorded pre-tax profits of £7.6m in April.

He first invited offers of investment in June 2008.

"I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress," said Peace.

"The club can look to the future with excitement about the opportunities ahead."

Fellow Midlands clubs Aston Villa and Wolves have also been taken over by Chinese investors this summer.

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145 comments

  • Comment posted by D1679334454808, at 11:01 5 Aug 2016

    Germany doesn't allow any of their clubs to be owned by foreigners, they can only take a less than 50% share. Works well for them and their national team.

    Meanwhile UK government does nothing and is 30years behind everyone else.

  • Comment posted by DONC83, at 10:35 5 Aug 2016

    Another day another football club sold to foreign “investors” trying to milk the game of cash that should be going towards youth development and keeping ticket prices reasonable for families. Without the fans, football is nothing.

    Football is in its death throes.

  • Comment posted by Enjoy Yourself, at 10:40 5 Aug 2016

    'It will be an honour to become the new owner of this wonderful club, that I'd never heard of until three months ago' said some Chinese bloke looking to make money.

  • Comment posted by FootieFan81, at 10:57 5 Aug 2016

    It's a shame. No idea why the WBA takeover feels like a turning point but it feels like there is no longer such a thing as English football. There is just a league that play their games in England (&Wales) but it is foreign owners, managers and players.

  • Comment posted by User0116794203, at 10:46 5 Aug 2016

    Another one bites the dust. Midlands aka China. English clubs, foreign owners, coaches and players. Football has changed since I was a nipper and I'm not convinced it has changed for the better.

  • Comment posted by Landlova, at 11:32 5 Aug 2016

    Sadly the foreign ownership of our football clubs is destroying them. They are investments for a return, not sport. Their money brings in foreign managers and players to the detriment of local grown alternatives.

    UK teams and management will just continue to decline on the world stage.

    Why we cannot see this and, like Germany and others, have a maximum foreign ownership, I do not know.

  • Comment posted by D1679684154070, at 10:40 5 Aug 2016

    English Premier League, you're having a laugh...

  • Comment posted by User0132462795, at 10:41 5 Aug 2016

    In our corrupt capitalist world money trumps everything else. Sad but true

  • Comment posted by Fraser, at 12:49 5 Aug 2016

    Not completely advocating foreign owners, but not all should be tarred with the same brush. The owner of Leicester City for example has frozen ticket prices for three seasons, regularly buys fans beer and provides freebies for supporters, deck the away fans out with scarves and tshirts, free breakfasts, and respects the tradition and history of the club, asking the fans only respect his mutually.

  • Comment posted by Blinken Umissit, at 11:09 5 Aug 2016

    the players will look like the real thing from a distance, but at closer inspection will be counterfeit and break a lot

  • Comment posted by User0005081439, at 13:30 5 Aug 2016

    There is something immoral when a club pays about 112 million for a player, and pay them 300k a week. It's not a game anymore and gets less enjoyable year on year.

  • Comment posted by bbchateukip, at 11:26 5 Aug 2016

    "It is my honour to own West Brom City Soccer team - our plan is to really just get some touchdowns and scores winning the cups and that"

    Thats a genuine quote honest

  • Comment posted by Somersetman, at 13:34 5 Aug 2016

    As a Pompey fan I am now beginning to think that our financial demise (which I hated at the time) that has allowed us to become a football club owned by our own fans is now the best thing that could have happened for the club, the community and the city.

  • Comment posted by Kate, at 14:18 5 Aug 2016

    A supporter of the Baggies for over 50 years, a club of huge heritage - the sale is not a joke as some seem to view this. Personally, I was proud that we were British owned and in the 'black' - this news is very concerning for the future. Reference food, try The Vine pub, great, nothing Chinese will beat the grub from there. Boing, boing

  • Comment posted by will, at 15:30 5 Aug 2016

    Selling England by the pound! It's getting harder and harder to find an industry in this country that isn't owned by overseas investors.

  • Comment posted by Fracking Hell, at 13:37 5 Aug 2016

    Football has totally sold it soul.

  • Comment posted by User0043692979, at 11:58 5 Aug 2016

    Even football teams being sold to foreigners. Will there be anything British left in this country in 10 years time.

  • Comment posted by Runcorn_Mac, at 12:08 5 Aug 2016

    Will the three Midland clubs; Aston Villa, Wolves and West Bromwich become known as a Chinese triad?

  • Comment posted by charlieboy, at 12:31 5 Aug 2016

    'English' football? Is there any such thing anymore? I bought a magazine that was previewing the season. I had to get well into the magazine until I saw anyone who was English. Owners, coaches, players, the EPL should be called International Select League now. Clubs have little in common with their fans. Apart from Man U where few of their fans have anything to do with Manchester anyway.

  • Comment posted by Baggiebird8, at 12:19 5 Aug 2016

    Albion fan for 50 years still dreaming of the Batson/Brown/Cunningham/Regis team of the late 70s. MUFC 3 - Albion 5. Jeremy Peace has done a lot to bring PL stability to Albion so good luck to him in the future. Sadly, whoever our owner is, finishing 17th in the PL will be a successful season. I hope Tony Pulis stays despite concerns over our style of play!! Come on You Baggies.

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