CEO's, loans and relegations: The story of Guochuan Lai's West Brom reign

As owner and chairman, Peace had turned West Brom from a Championship club to a Premier League regular - and for him, he felt it was time to sell up.

Up steps Guochuan Lai, at the time a 42-year-old entrepreneur and businessman from China.

Little was known about Lai - but he became the latest Chinese investor to arrive in West Midlands football - and Albion fans were excited.

Six years, two relegations, controversial loans, a string of managers and hierarchy sackings later - it is safe to say Lai's controversial time at Albion hasn't gone as the Baggies fans would have envisioned it.

Jonny Drury takes a look back at seven and a half years under Lai's ownership:

July 2016 - The Lai of the land changes at Albion

After 14 years as Albion chairman and owner, Peace sells his 88 per cent stake in Albion for a reported £175 million to Lai.

At the time, Peace told the club's official website: "I believe this deal will enable Albion to build on the strong, sustainable foundations that have been the cornerstone of the club's progress.

"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."

August 2016: A bright future

Two months after the sale to Lai, he penned a letter to the supporters in which he said he remembered the club's 1978 trip to China, explained how he wanted to bring West Brom millions of dedicated fans and wanted the club to establish itself in the top half of the Premier League.

In a letter to fans he said: "I have been following West Bromwich Albion for many years now, having first become aware of the Club through contacts who participated in the historic tour of China in 1978, when I was still a child.

"I am a lifelong football fan and my hometown is often referred to as the hometown of football in China.

Owner of West Bromwich Albion Guochuan Lai stops to sign autographs for West Bromwich Albion Fans on his arrival at the stadium

"II would like to re-iterate just how proud I am to have the chance to become the new owner of this Club and I believe that we have an extremely bright future ahead of us."

August 2016: Drinks on me!

Lai announced himself to the fans by buying those travelling to Crystal Palace for the first away fixture of the season a scarf.

And then he dipped in his pocket for the first home game to buy everyone a drink.

Owner of West Bromwich Albion Guochuan Lai stops to sign autographs for West Bromwich Albion Fans on his arrival at the stadium .

Lai himself was also at The Hawthorns for the first time and pledged to go to games as often as he could.

May 2017: A German partnership?

Lai at this point was keen on developing his football portfolio in the form of an affiliation with Bundesliga club Werder Bremen.

At the time, reports in Germany said Bremen directors were flying to China to hold talks with Yunyi Guokai Sports Development, the investment company Lai set up to buy Albion.

July 2017: Albion sign Chinese striker

Albion spent around £7 million on Chinese striker Yuning Zhang - who then was immediately loaned out to Bremen.

The deal was described as a "development project" with the hope he may one day become a key Premier League asset and did not hide the obvious commercial motives behind the deal.

At the time Technical Director Richard Garlick said: "Zhang will get the chance to further develop at Bremen, with whom we have an excellent relationship."

Zhang would never play for Albion.

2016/2017: A year of Lai

A year had passed since the club started its new and exciting era.

So, what impact had been made?

New faces such as Nacer Chadli and Jake Livermore had arrived - as well as a new partnership with Werder Bremen.

There was also the emergence of six West Brom 'soccer towns' in China.

In a piece written by former Baggies writer Matt Wilson, he stated that the motives for Lai buying the club were clear: "With the weight of the Albion brand – or more specifically the Premier League brand – he can win lucrative housing development contracts in his homeland."

Off the field, season tickets had been reduced by five per cent - but Lai wasn't putting big sums into Albion as many fans would have expected.

The total net outlay was £12 million following a season that brought in £120 million in prize money.

October 2017: No deal!

Just over a year after he took over at Albion - Lai reportedly rejected an offer of above £200 million from an unknown US investor.

It came at a time when the Chinese government were reigning in spending abroad.

But despite the reported interest, chief executive at the time, Martin Goodman, insisted the rejection showed Lai had zero plans to jump the Baggies ship.

He said: “It was rejected and he decided to maintain his majority. I think it was an indication of his commitment. Lai is here for the forseeable future.”

February 2018: You're fired!

In February 2018, with Albion staring relegation in the face both chairman John Williams, and CEO Goodman were sacked suddenly and placed on gardening leave.

The decision was said to have come as a shock to the pair - and was at a time when the club had won just once in 25 games.

Long serving former CEO Mark Jenkins returned to the club.

It was reported that Lai had culled the pair because of their decision to sack Tony Pulis, who was understood to be seen as a safe pair of hands by the owner.

And in a statement at the time, Jenkins said Lai’s determination to rebuild is what helped convince him to return to the club.

Although much had happened since his takeover, Lai had made virtually no public comments at this point since buying the club.

April 2018: Another one bites the dust...

Two months after Lai had wielded the axe on Goodman and Williams - Technical Director Nick Hammond was shown the door as part of a restructuring at The Hawthorns.

It was decided that Hammond should leave his post after a poor season that saw Alan Pardew sacked, and the club in serious danger of relegation.

April 2018: Who's this?

Giuliano Terraneo is appointed as a technical consultant at Albion following Hammond's departure.