West Brom said in a statement on Friday that Yunyi Guokai Sports Development Limited, headed by entrepreneur Lai Guochuan, will complete a takeover of the club subject to approval by the Premier League and English financial authorities.

The club says the takeover was agreed to on June 24.

In the statement, Lai says he is "excited and privileged" to have a chance to own West Brom, adding his immediate priorities will be to "maintain the club's stable structure, respecting its well-run nature and its heritage."