The takeover of West Brom by Chinese billionaire Guochuan Lai has been completed.
The Premier League club announced in August that Jeremy Peace had agreed the sale of West Bromwich Albion Holdings Limited, which owns approximately 88 per cent of the club's parent entity West Bromwich Albion Group Limited, pending approval of the Financial Conduct Authority (FCA) and the Premier League.
And the final formalities have now been wrapped up to complete the sale to Yunyi Guokai (Shanghai) Sports Development Limited - a Chinese company controlled by Chinese billionaire Lai.
"I'm delighted to complete the acquisition and to become the next steward of the club," Lai told the club's official website.
"I would like to thank Jeremy Peace for his leadership over the last 15 years and for laying the strong foundations for the next stage of the club's development.
"I am excited to have the opportunity to support the club's chairman, John Williams, and the team in building the club over the years ahead."
Peace added: "It has been a tremendous privilege to lead the Albion.
"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.
"Guochuan, John Williams, my board colleagues, our staff and supporters have my very best wishes for the future."