West Brom announced on Friday that they have reached an agreement to sell the football club to Chinese investment group Yunyi Guokai (Shanghai) Sports Development Limited.

The investment group is led by Guochuan Lai, a 42-year-old entrepreneur who headed a landscape design company in China before retiring to focus on private investments, according to an official statement issued by the club.

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"I am excited and privileged to have the chance to become the new owner of this great club," said Lai. "We have a strong squad, loyal fans and a unique culture. My immediate 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."

Chairman Jeremy Peace, who put the club up for sale over a year ago, will be replaced by ex-Blackburn chief executive John Williams after 14 years in charge.

Williams said that his priority would be to focus on the transfer window and bring in new players into the squad after a £15million deal for West Ham striker Diafra Sakho fell through as he was deemed unfit for the start of the season, according to The Telegraph.

The deal was finalized in June and is subject to a pending approval from the Financial Conduct Authority and the Premier League. The valuation is not yet known but Peace, who owned an 88% share, was expecting more than £150m for his stake in the club.

"I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress," said Peace.

If the sale goes through, West Brom will become the third midlands team to be owned by Chinese investors after Wolves and Aston Villa.

TagsWest Bromwich Albion, West Brom, Jeremy Peace, John Williams, Yunyi Guokai Sports Development Limited, chinese, Guochuan Lai