New West Bromwich Albion owner Guochuan Lai has signalled that he has no intentions of replacing manager Tony Pulis in the near future.

Chinese entrepreneur Lai completed a takeover of the Midlands side today in a deal reported to be worth more than £150m and was quick to reassure Albion fans that he is not planning wholesale changes.

"I would like to impress upon all of you gathered here and to all of our passionate fans that I have no wish to change the club's ethos or embark on an unsustainable spending spree," Lai told fans in an open letter on the club's website. "I want to be a good owner and to invest in this club for the long-term.

"First and foremost, our goal is to ensure that we remain in the English Premier League and then beyond that, I would like to see the club establish itself in the top half of the division. The Premier League is famous for its excitement, entertainment, quality and drama. I believe it is the best league in the world and I want to take this club as far as possible.

"My intention is to maintain the current ethos in terms of day-to-day management and approach to the team and to supplement this with the great opportunities that China provides. My plan is to add to, rather than radically change the workings of the club.

"As of now, all of us are focused on the transfer window and the upcoming season. Our pre-season preparations are progressing and I believe that we have a competitive team, with the right management and coaching staff in place."

New chairman John Williams, who has replaced Jeremy Peace after 14 years, said that he will now work with Pulis to strengthen the squad in the remaining few weeks of the transfer window.

"The immediate focus is on our activity in the transfer window; quite frankly, everything else is peripheral," he said.

"Tony Pulis [has] told the board we are two or three players short, realistic targets have been identified and there are funds available. We need to get them over the line to ensure Tony has a competitive squad for what is going to be a challenging and demanding campaign."

Pulis took over at a relegation-threatened Albion in January 2015, successfully guiding them to safety that season before ensuring a 14th-place finish last term.