West Brom Teken Over By Chinese investment Group
West Bromwich have confirmed that there club has been taken over by a Chinese Investment group. Their chairman Peace is going to resign and is handsng his post to ex Blackburn Chairman John Williams who will know take over. The Yunyi Guokai (Shanghai) Sports Development Limited group which is owned by entrepreneur and Multi-Billionaire Guochuan Lai, with the deal that was initially agreed on June 24 2016. It is currently being reviewed by the FCA and the Premier League.
The price is has not yet been formally announced but Chairman Peace put the club on the market last year for over £150M. This is what he had to say to the press. "I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress." "I have been chairman for 14 years and I am obviously pleased that in that time we have become an established top-flight club. Now, having spent time with Guochuan, I believe he is the right man to take Albion forward."
Lai Guochaun started and then built his career by growing Palm Eco-Town Development Company Limited from a plant nursery business into China's largest landscape design and construction company. It is listed on the Shenzhen Stock Exchange as being worth £1.8billion. This is what the Billionaire had to say: "I am excited and privileged to have the chance to become the new owner of this great club." "The immediate focus is on our activity in the transfer window; quite frankly, everything else is peripheral." "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."
West Bromwich will soon be joining Aston Villa and Wolves with clubs that are owned by Chinese owners.
