Guochuan Lai has taken charge at West Brom after the proposed takeover was ratified

West Brom have announced that the takeover of the Premier League club by Chinese group Yunyi Guokai Sports Development Limited has been completed.

The deal was ratified after the Financial Conduct Authority and the Premier League made the routine checks and were satisfied the takeover adheres to the rules and regulations.

The deal was initially announced in August and entails former chairman Jeremy Peace selling the club to Guochuan Lai, who controls Yunyi Guokai Sports Development Limited.

Former Blackburn chief executive John Williams was announced as their new chairman last month and the Premier League has had its Owners' and Directors' Test satisfied.

Lai said: "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."

Peace became chairman in 2002 and had been looking for around £200m for West Brom after coming close to selling the club last summer.

He said: "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."

The Baggies are currently 12th in the Premier League with four points from their opening four games.

And the spotlight will now fall on manager Tony Pulis, whose future has been the topic of speculation.

Pulis has admitted that West Brom could be in for "a tough few months" until they get an opportunity to acquire reinforcements during the January transfer window.