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.
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“My immediate priorities will be to maintain the club’s stable structure, respecting its well-run nature and its heritage”, said Lai, who will remain based in China but promised to frequently attend matches at The Hawthorns.
It has been confirmed this morning that Premier League side West Bromwich Albion are under new ownership.
Peace has served as West Brom chairman for 14 years, overseeing three promotions to the Premier League.
West Bromwich Albion are bought by a Chinese investment group as chairman Jeremy Peace exits after 14 years.
Peace will stay on at the club in an advisory position during the 2016/17 season, with John Williams, the former Blackburn Rovers Chairman, to take over as Chairman of the club with immediate effect.
An investment group headed by Chinese entrepreneur Guochuan Lai has agreed a deal to purchase the club from outgoing chairman Jeremy Peace and is now just waiting on Financial Conduct Authority (FCA) and Premier League approval.
No financial details have been announced, but former chairman Jeremy Peace was reportedly looking for 150 million pounds (197.1 million, 177 million euros) when he put the club on the market a year ago.
He said: “I am excited and privileged to have the chance to become the new owner of this great club”.
The deal is one of a number of Chinese takeovers of English football clubs in recent years. “There is also a real commitment, strongly supported by the government, to develop football and its culture in China, and I am convinced that this transaction will serve to reinforce the love of football, while bringing West Bromwich Albion millions of new dedicated fans”.
Chinese investors have been active in both their own domestic soccer leagues and internationally and have increasingly been pushing into European clubs.
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Lai built up landscaping firm Palm Eco-Town Development Company Limited before retiring in May 2014 to focus on private investment. It is now valued at £1.8 billion ($2.4 billion) on the Chinese stock exchange.
