A minority group of shareholders at West Bromwich Albion has called on the football and financial authorities to delay sanctioning the rumoured £200 million takeover of the club.

News broke last week that Yunyi Guokai (Shanghai) Sports Development, led by Guochuan Lai, had agreed to buy chairman Jeremy Peace's 88 per cent stake in the club.

But Shareholders for Albion, the group which represents some of the 433 shareholders who own the remaining 12 per cent, has now written to the Premier League and Financial Conduct Authority (FCA), asking them not to ratify the deal until assurances can be given that the value of their shares will be protected.

Chairman Neil Reynolds has also written to West Bromwich Albion's new chairman John Williams to ask why no-one at the club has "taken into account the needs and protection of minority interests" and considered other stakeholders.

Many of the people in this 433-strong minority group possess only one or two shares but there are a few with 100 shares each - potentially worth in the region of £2.5 million if the strongly rumoured £200 million price tag is accurate.

Mr Reynolds' letter to Andrew Bailey, chief executive of the FCA, said: "Regrettably, no consideration has been given to the rights of minority shareholders, whose shares may soon be worthless.

"We understand the supposed 'takeover' is subject to your ruling which you will undoubtedly be considering at this time and certainly before the Premier League fixtures start.

"We urgently request....the FCA does everything in its power to protect the value to minority shareholders by advising or ensuring that compatible and/or equivalent offers are made to these shareholders prior to approval of the transaction."

The letter to Mr Williams added: "The great majority (of shareholders) invested long before Mr Peace came on the scene.....when Albion was at its lowest ebb in living memory and the time of its greatest financial need.

"Surely, this cannot be right that other shareholders, who have invested and helped to fund the success to a significant degree....have been denied the opportunity to gain some benefit in return?"

Peter Wall, the former managing partner of Birmingham law firm Wragge & Co and life-long West Bromwich Albion fan and shareholder, said: "The ideal scenario is that Mr Lai and his advisers realise that the deal has prejudiced 433 loyal and long-standing shareholders and the Chinese make a fair and reasonable offer for the balance of the shares."

West Bromwich Albion have made no public statement regarding the letters and did not respond to the Birmingham Post's request for comment prior to publication.

On announcing the takeover last week, the club said: "The sale was agreed on June 24, subject to certain approval and consent processes both in China and the UK.

"Following the approval of the China (Shanghai) Pilot Free Trade Zone, the principal pre-conditions to completion are the approval of the Financial Conduct Authority and Premier League, both of which have commenced their review processes.

"The buyer is a new company, focused on the sports industry, formed for the purpose of completing the acquisition. The financial terms of the transaction are private and confidential between the parties."