Comments
There are no comments.
Add Comments
West Bromwich Albion have agreed to sell the club to Chinese investment group Yunyi Guokai (Shanghai) Sports Development Limited, the Premier League side announced yesterday.
No financial details have been announced, but former chairman Jeremy Peace was reportedly looking for 150mn pounds ($197.1mn, 177mn euros) when he put the club on the market last year.
The deal is subject to approval from Britain’s Financial Conduct Authority and the Premier League.
“I am proud that I will be the first mainland-Chinese owner of a Premier League club,” said Chinese entrepreneur Guochuan Lai, who will become West Brom’s new owner, in a statement.
“This historic deal will result in a rapid and significant increase in interest in the club in China, which should lead to attractive commercial opportunities.”
In an effort to reassure fans, Lai vowed that he had “no intention of changing the club’s ethos”.Former owner Peace, who had held an 88 % stake in the club, has resigned as chairman and will be replaced by former Blackburn Rovers chairman and chief executive John Williams.
The deal is the latest in a series of inroads made by China in English football.
Second-tier clubs Aston Villa and Wolverhampton Wanderers — both of whom play in the same Midlands region as West Brom — were both taken over by Chinese investors in recent weeks.
Wolves were bought last week by Fosun International, while Chinese businessman Tony Xia took charge of Villa in June.
Birmingham City, another Midlands clubs, are currently in talks with Asian investors seeking to buy the club from Hong Kong businessman Carson Yeung, who was jailed for money-laundering in 2014.
Meanwhile, Manchester City announced a 265mn pounds investment deal with Chinese consortium CMC last December.
Peace, who had been West Brom’s chairman for 14 years, said: “I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club’s progress.
“I have been chairman for 14 years and I am obviously pleased that in that time we have become an established top-flight club. Now, having spent time with Guochuan, I believe he is the right man to take Albion forward.” Lai built up landscaping firm Palm Eco-Town Development Company Limited before retiring in May 2014 to focus on private investment.
Palm is listed on the Chinese Stock Exchange as being worth 1.8 bn pounds.
West Brom, English champions once in 1920 and five-time FA Cup winners, were close to being sold to a Chinese consortium last year, before Peace broke off negotiations.
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
