West Bromwich Albion have agreed to sell the club to Yunyi Guokai (Shanghai) Sports Development Ltd, controlled by businessman Guochuan Lai, in an-other instance of China’s growing interest in football worldwide.

Financial terms of the deal, which is subject to approval by Britain’s Financial Conduct Authority and the Premier League, were not disclosed.

Former Blackburn Rovers Chief Executive John Williams will replace Jeremy Peace, who has been chairman of West Bromwich for 14 years, with immediate effect, the Premier League club said in a statement on its website, yesterday.

Peace will stay on at West Brom in an advisory role to help with the transition, but has relinquished his position on the club’s board.

Lai, who describes himself as a lifelong football fan, said the takeover was “a great investment”.

“I am excited and privileged to have the chance to become the new owner of this great club,” he added.

“My 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.”

The deal is the latest move by Chinese investors to make inroads into the Premier League, which is flush with the money from a bumper TV rights deal that kicks off from the 2016-17 season.

In May, English club Aston Villa, who were relegated from the Premier League at the end of last season, announced that they had agreed to a takeover by Chinese magnate Xia Jiantong.

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