West Bromwich Albion have announced that Guochuan Lai has officially completed a takeover of the club.
In August, the Premier League outfit confirmed reports that the club had been sold to Yunyi Guokai (Shanghai) Sports Development Limited - a company under the control of Lai - after Jeremy Peace decided to end his 14-year spell at the helm of the West Midlands club.
It has taken longer than anticipated for the deal to be completed but on Thursday evening, the Baggies released a statement to say that they were under new ownership.
Lai said: "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."
West Brom currently sit in 12th position in the Premier League table.
