English Premier League side West Bromwich Albion FC recently confirmed that a Chinese conglomerate had bought the club from former majority owner Jeremy Peace and that head coach Tony Pulis will keep his job moving forward.

The official sale is still "subject to approval by the Financial Conduct Authority and the Premier League", according to a report from SkySports.

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Peace, who had been the Baggies' chairman for the past 14 years, is set to step down from his position upon completion of the deal anytime soon and will reportedly be replaced by former Blackburn FC chair John Williams.

Yunyi Guokai (Shanghai) Sports Development Limited, led by Guochuan Lai, is said to be the Chinese investment group involved in the sale. The transaction was "initially agreed on June 24", but the checking and reassessment by the FCA and English top flight authorities are ongoing.

The official cost of the sale is still undisclosed, but rumors were out that it could reach more than £150 million.

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

"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," he added.

Meanwhile, The Guardian reported that Pulis will remain as the manager of the Throstles in the upcoming 2016-2017 Premier League season.

The report noted that new owner Lai, who is a huge fan of the sport and West Brom itself, "has no plans to implement dramatic changes to the way things are run at The Hawthorns", which should be a good sign for the fans, players, and executives of the club.

The only major change should be Peace stepping down for Williams and everything else will be minor.

"I am excited and privileged to have the chance to become the new owner of this great club," said Lai. "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."

TagsChina Football, Premier League, Jeremy Peace, Tony Pulis, Yunyi Guokai Sports Development Limited