West Bromwich Albion chairman Jeremy Peace has agreed to a deal to sell the club to a Chinese investment group led by entrepreneur Guochuan Lai.
In a statement released on the WBA website, Lai shared his excitement about owning the West Midland's club.
"Firstly, let me say how much of an honour it will be to become the new owner of this wonderful club," he said.
"I have been following West Bromwich Albion for many years now, having first become aware of the Club through contacts who participated in the historic tour of China in 1978, when I was still a child.
"I will inherit a club in a very strong position; we are about to embark on our seventh successive Premier League season, we are debt-free and have a track record of consistent improvement both on and off the pitch.
"Finally, I would like to reiterate just how proud I am to have the chance to become the new owner of this Club and I believe that we have an extremely bright future ahead of us.
"I look forward to attending my first home game and to meeting the fans - the heart and soul of West Bromwich Albion."
Fellow Midlands clubs Aston Villa and Wolverhampton Wanderers have also been taken over by Chinese investors in recent years.
Outgoing chairman Jeremy Pearce believes that the deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the Club’s progress."
Outgoing chairman Jeremy Pearce says he thinks the deal will "enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club’s progress".
Pearce will be replaced by for Blackburn Rovers chief executive John Williams.
It has been reported that Pearce was wanting £150 million (273m NZD) for his 88% stake in the club.
The Baggies finished 14th in the Premier League last season and open up the new season on August 14 against Crystal Palace.
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