West Bromwich Albion's "long-awaited takeover" by a Chinese investment group has been completed, according to the BBC. Former Chair Jeremy Peace agreed to a deal to "sell to the group, led by entrepreneur Guochuan Lai, last month." Lai, 42, oversaw the growth of landscaping company Palm in his home country before retiring in May '14 "to focus on private investment." Palm, which was valued at £1.8B ($2.3B) on the Chinese stock exchange, "has contributed to the takeover." Albion is the third West Midlands club to be bought by Chinese investors this summer "following the recent takeovers" of Aston Villa and Wolverhampton (
BBC, 9/15). REUTERS' Steve Tongue reported West Brom Manager Tony Pulis has "dismissed media speculation" about his future under the club's new owners, saying that he "did not expect much to change." Pulis: "There is speculation all the time but you have to wash it away and get on with it. I'm pleased the takeover has gone through, we can move on from here. There are lots of ups and downs and I will deal with it the way I think is right. I don't think the new owners will change too much. I've worked under foreign owners before so I have a good understanding of how it works" (
REUTERS, 9/16). The BBC reported Pulis said, "I won't be leaving. If I leave, it will be the club's decision for me to leave, it won't be my decision. I've signed a contract and I'm going to see that contract through. If we sit down and talk about a new contract we do, if we don't, we don't" (
BBC, 9/16).
