Premier League club West Bromwich Albion enter takeover talks with unnamed bidder
Premier League club West Bromwich Albion may soon be under new ownership after entering into negotiations with an unnamed bidder.
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The Midlands club has granted the prospective buyer, reported to be a Chinese consortium, exclusivity to any deal for up to six weeks.
Chairman Jeremy Peace, who owns 88 per cent of the club, will conduct negotiations solely with the unnamed bidder during the period.
West Brom finished 12th in the Premier League under manager Tony Pulis last season, and insisted the manager's transfer activity would not be affected during talks.
In a statement posted to the club's Facebook page West Brom explained:
Chairman Jeremy Peace today confirmed that exclusivity has been granted to one party interested in the purchase of West Bromwich Albion Holdings Ltd.
This follows discussions with several interested parties in the wake of his decision earlier this year to consider strategic options for the future development and legacy of the club.
Peace joined West Brom's board in 2000, but has recently admitted he is open to selling the club, insisting earlier this year he "would be willing to step aside".
The Baggies are entering the sixth successive season in the Premier League and posted a profit of £6m in their most recent financial results.
Premier League clubs have become even more attractive to foreign buyers since the announcement of a new £5bn TV rights deal which will guarantee even the bottom-placed club £99m in prize money.