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Cape Town - West Bromwich Albion have announced the sale of the club to Yunyi Guokai Sports Development Limited.
The process for the change of control was announced in August 2016, with the Premier League and Financial Conduct Authority acknowledging that the takeover adhered to its rules and regulations.
Former Blackburn chief executive John Williams, who was announced as the club's new chairman last month, takes over from Jeremy Peace who agreed the sale of the club to Guokai's Guochuan Lai.
In a statement on the club's official website, Peace said: "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."
Guochuan Lai added: "I’m delighted to complete the acquisition and to become the next steward of the Club.
"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."
