Premier League club West Bromwich Albion to be bought by Shanghai-based company
Midlands club says a Chinese investment group has agreed to buy it
West Bromwich Albion will soon become the latest English football club to be bought out by Chinese investors.
The Premier League team said on Friday that Yunyi Guokai (Shanghai) Sports Development Limited, headed by entrepreneur Lai Guochuan, will complete a takeover of the club, subject to approval by the league and English financial authorities.
The takeover was agreed to on June 24 and will “usher in an exciting new phase of the club’s development,” the club said.
In a statement, the 42-year-old Lai described himself as a “lifelong football fan” and said he was “excited and privileged” to become the new owner of West Brom.
“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.”