have become the third West Midlands football to be taken over by Chinese investors in just a few months.
Club chairman Jeremy Peace announced today that a deal had been struck to sell West Bromwich Albion Holdings, the Baggies' parent company, to a Chinese investment group headed by Guochuan Lai.
Mr Peace will now step down as chairman after 14 years in the role and 16 years on the club's board and will be succeeded by John Williams, former chief executive and chairman of Blackburn Rovers.
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Mr Lai is the controlling shareholder in Yunyi Guokai (Shanghai) Sports Development.
This latest takeover deal follows the by Fosun International and earlier this year.
The sale of West Brow was agreed in June since when both parties have waited for regulatory and approval processes in China to be completed before making the agreement public.
Mr Lai said: "I am excited and privileged to have the chance to become the new owner of this great club.
"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 the club's ethos."
Mr Peace added: "I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress."