Peace has already been the chairman for 14 years, but he will be replaced very soon by John Williams who is the former chief executive of Blackburn.
Lai has stated that his intentions are to stand for all main principles of the club and it would be done with due respect to the character and history of the club. Lai believes that this team is very promising and it has all chances to be successful. 42 years old businessman was working for company Palm that is dealing with landscape before he retired in May 2014. After this he decided to work as an independent businessman.
The firm Palm was estimated to cost £1.8bn on the Chinese stock exchange. It is known that transaction was agreed in June but it is still waiting for the approval by the Financial Conduct Authority and the Premier League.
It should be mentioned that this is not the first time theWest Brom was to be sold. In summer 2016 the deal was crumbled because Peace has broken off all negotiations.
It is known that Peace was searching for £150m as the stake in this club. The first time he received the proposals of investment in June 2008. Peace is sure that if this business deal will work, this will absolutely lead the club to progress. The club is thinking about its future without fear and anticipates all opportunities. The clubs Aston Villa and Wolves were also bought by Chinese companies in summer 2016.