West Bromwich Albion could be sold to Chinese investors by the end of the month, according to a report.
Jeremy Peace, who has been looking for a buyer for two years, is said to be “close” to sealing a £150million deal for the Baggies.
The Sunday People claims that China’s richest man, Wang Jianlin, has been looking into ownership in the Premier League, having already built up a 20 per cent stake in Atletico Madrid.
Jianlin is reported to be worth £21.7 billion and he therefore would have significant cash to spend at the Hawthorns.
Peace is expected to quit with chief executive Mark Jenkins likely to follow, while sporting director Richard Garlick could move into a boardroom position to help any proposed deal run smoothly.
Earlier this month the club confirmed they had signed an exclusive sale agreement with a group from the Far East after their hopes to buy Aston Villa were snubbed by Randy Lerner.
A WBA statement read: “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.
“This process should be completed by the end of this month and in the meantime, the Club wishes to assure supporters preparations for the new season will remain unaffected.
“The Chairman, Head Coach Tony Pulis, Chief Executive Mark Jenkins and Richard Garlick, the Director of Football Administration, have met to discuss and progress future transfer targets.
“They remain in constant dialogue over the re-shaping of the first-team squad for the 2015/16 Barclays Premier League campaign.”