Chinese group takeover West Brom.
West Bromwich Albion have confirmed that they have been taken over by Chinese investment group.
The group, which is led by entrepreneur Guochuan Lai, bought the club after Jeremy Peace, the former chairman of West Brom agreed to sell the club to the group last month.
"I'm delighted to complete the acquisition and to become the next steward of the club," said Lai.
Lai oversaw the growth of, Palm, a landscaping company in his home country before retiring in May 2014 to focus on private investment.
The company, which was valued at £1.8bn on the Chinese stock exchange, has contributed to the takeover of the club.
The deal, which had been agreed in June, was waiting for approval from the Financial Conduct Authority and the Premier League.
West Brom follow Aston Villa and Wolves and become the third club in the West Midlands region to be bought by Chinese investors this summer.
Peace further said: "I am proud that 11 of my 15 seasons as chairman have been spent in the Premier League whilst three others brought automatic promotion from the Championship.
"Guochuan Lai has been a supportive partner during the handover process and we have both done everything possible to move the club forward."