West Bromwich Albion to be bought by Chinese investors

English Premier League club West Bromwich Albion has been taken over by Chinese investors, in a deal negotiated by outgoing chairman Jeremy Pearce.

The investment group is led by entrepreneur Guochuan Lai, who was in charge of landscaping company Palm in his home country, but now focuses on private investment.

The Baggies finished 14th in the Premier League last year, and follow the likes of Aston Villa and Wolverhampton Wanderers, who have also been bought by Chinese groups over the summer.

Lai maintained that there would be no major changes to how the club is managed, wishing to build on the secure structure already in place at West Brom.

"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."

The announcement comes mere weeks before the start of the English domestic season, and must receive approval from the Financial Conduct Authority and the Premier League before going ahead.

Lai and his investment group Yunyi Guokai Sports will buy an 88% stake in the club, who said it would "usher in a new exciting phase of the club's development".

In the statement released by West Brom, they described the businessman as a "passionate football fan who was drawn to West Bromwich Albion by its rich history, commuity focus and dedicated fan base."