West Bromwich Albion have been sold to a Chinese investment group, bringing to an end Jeremy Peace's 14-year tenure at the helm of the Midlands side.

In a statement, Peace confirmed that he has sold his 88% stake in the club to Yunyi Guokai (Shanghai) Sports Development Limited, a company headed by 42-year-old entrepreneur Guochuan Lai with a value of £1.8 billion.

The move makes the Baggies the third Midlands side to gain Chinese ownership this summer following the takeover of arch rivals Wolverhampton Wanderers by Fosun International and the sale of Aston Villa to billionaire Dr Tony Xia.

"I am excited and privileged to have the chance to become the new owner of this great club," said Lai. "We have a strong squad, loyal fans and a unique culture. 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.

"I am proud that I will be the first mainland-Chinese owner of a Premier League club. This historic deal will result in a rapid and significant increase in interest in the club in China, which should lead to attractive commercial opportunities."

Peace - a divisive figure among Albion fans - will stay at the club in the short term in an advisory capacity but will be replaced as chairman by former Blackburn Rovers chairman John Williams.

"I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress," said Peace.

"I have been chairman for 14 years and I am obviously pleased that in that time we have become an established top-flight club. Now, having spent time with Guochuan, I believe he is the right man to take Albion forward.

"His genuine passion for the game, proven track record and the China opportunity he brings to Albion will hopefully play a key role in helping the club develop still further in this increasingly global age."

Peace, who put Albion up for sale last year, is thought to have earned between £150m and £200m for his stake in the club.