West Bromwich Albion's take over by a Chinese group has been completed.
The West Midlands club has confirmed that the change of control announced in August 2016 is now finalised with the transfer of ownership from Jeremy Peace to Guochuan Lai's Yunyi Guokai (Shanghai) Sports Development Limited.
Guochuan Lai told the club's official website: "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."
Lai added: "I am really delighted to be given the chance of becoming the new owner of West Bromwich Albion, a super club with a wonderful history. I am very thrilled.
"There are many, many reasons to choose the club. The club has so much that appeals to me.
"Firstly. the club has such a rich history and has achieved many proud moments on the pitch.
"I'd also like to make special thanks to Jeremy Peace. During his service of over a decade, he has laid the foundations of the club's management.
"We have an excellent team, I believe we will continue to grow ever stronger.
"I will leave the transfer dealings in the capable hands of our new chairman John Williams, our Head Coach Tony Pulis, and Technical Director Nick Hammond.
"They will be in charge of the overall planning and decisions. They have my full support whenever needed.
"As to the club, (the plan is) to maintain the current practice and operations, and to continue the stability of the management, coaching team and player squad.
"Of course, I also hope that, with the effort of all of us, we could come to the top half of the division in the near future.
"I very much look forward to that."