Departing West Bromwich Albion chairman Jeremy Peace has described his time with the club as 'a tremendous privilege'.

Peace ended his 15-year association with the Baggies on Thursday after selling the club to Yunyi Guokai (Shanghai) Sports Development Limited, a company owned by Chinese businessman Guochuan Lai.

He told Albion's official website: "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."