West Bromwich Albion’s long-awaited takeover by a Chinese investment group has been completed, the Premier League club have announced.
Former chairman Jeremy Peace agreed a deal to sell to the group, led by entrepreneur Guochuan Lai, last month.
“I’m delighted to complete the acquisition and to become the next steward of the club,” said Lai.
Peace, who took over as chairman in 2002, added: “It has been a tremendous privilege to lead the Albion.”
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 had been waiting for approval from the Financial Conduct Authority and the Premier League.