Shanghai firm to buy out West Brom

West Bromwich Albion will become the latest football club in England to be purchased by Chinese investors.

West Bromwich manager Tony Pulis (left) and Saido Berahino are seen in this file picture. Reuters/John Sibley

The Premier League team said that Yunyi Guokai Sports Development Limited in Shanghai, led by entrepreneur Lai Guochuan, will complete a takeover of the club, subject to Football League approval.

The buyout was agreed to last month and will "usher in an exciting new phase of the club's development," the club said.

West Brom, who have been in England's top league for the past six years, join neighbouring teams, Birmingham City and Wolverhampton Wanderers, in now being owned by an interest in China. Aston Villa was taken over by businessman Xia Jiantong in June and Wolves were bought out by conglomerate Fosun International last month.

Manchester City also announced in December that China Media Capital Holdings and CITIC Capital were investing €359 million to buy 13% of the Premier League club's umbrella organisation.

In a statement, the 42-year-old Lai described himself as a "lifelong football fan" and said he was "excited and privileged" to become West Brom's new owner.

"My immediate priorities will be to maintain the club's stable structure, respecting its well-run nature and its heritage. There is no intention to change the club's ethos.

"China has a massive football fan base, which has only been growing in the past 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."