West Brom is first English Premiership club to be taken over by Chinese mainland group

File photo of Lai Guochuan, head of Yunyi Guokai (Shanghai) Sports Development Limited which agreed to buy 88 percent stake of English soccer club West Bromwich Albion. [Photo/Web]

West Bromwich Albion, an English soccer club, became the first Premiership side to be acquired by Chinese mainland owners when it announced a Shanghai-based group had bought a controlling stake.

No price was given in the club's announcement but outgoing chairman Jeremy Peace had previously been seeking about 150 million for his 88 percent stake.

West Brom's new owners are Yunyi Guokai (Shanghai) Sports Development Limited, a consortium headed by 42-year-old Lai Guochuan, who said: "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 its heritage."

New chairman John Williams, told the club's website: "Our immediate focus is the transfer window."

West Brom, based in the west Midlands area, finished 14th out of the 20 Premiership clubs last season, gaining 73 million pounds in prize money.

The acquisition is subject to approval by the English Football Association and the Premiership.

Their bitter rivals, Wolverhampton Wanderers, were bought by Shanghai based investment group Fosun International, chaired by billionaire businessman Guo Guangchang. Wolves play in the Championship, the next division down from the elite Premiership. Aston Villa, based near West Brom, were acquired by Tony Xia, after being demoted from the Premiership last season.

Today's acquisition means that two of England's oldest clubs have been acquired by Shanghai-based groups. Previous investments include a 13 percent stake in leading Premiership club Manchester City, which cost China-based CMC group 265 million pounds at the end of last year.

Simon Chadwick, a professor of sport business strategy at Salford University, told China Daily: "The acquisition of West Brom is striking. It is the third West Midlands club bought by Chinese investors this year. This reveals something about both China's football and broader industrial ambitions."

Marcus Shadbolt, managing partner of Vermilion Partners, lead advisor for the Chinese investor said: "West Brom is a well-managed club and the deal is a good football investment in itself. The deal creates synergies through connecting the Club with the Chinese market and Palm (one of the members of the consortium) can add a great football dimension to its new eco-town developments."

Meanwhile in Milan, a spokesman for Fininvest, the company headed by former Prime Minister Silvio Berlusconi, denied reports that Fosun had made a direct or indirect proposal to buy AC Milan, the club owned by Berlusconi.

The Chinese consortium bidding for the club has never been identified, and talks have been reportedly held up by minor details.

Wang Mingjie and Cecily Liu contributed to this story.

To contact the reporter: chris@mail.chinadailyuk.com