West Brom chairman Jeremy Peace has given potential investors until 31 July to buy his shares after indicating he is ready to sell for the right price.

Peace admitted that the chances of someone putting money in were "remote".

He said he did not want a repeat of "a Birmingham City situation where something drags into next season".

Blues have admitted the saga contributed to the club being relegated from the top flight as Carson Yeung's bid eventually collapsed.

'Finite period'

Peace said he wanted Albion to be "more secure" in the Premier League.

The chairman said: "It would seem appropriate to open our doors, for a finite period, to anyone who wants to have a chat with us.

"Then in six weeks, when we've closed the door, we can turn around to everyone and say 'we explored this route and there was nothing out there'.

There may be people who want the whole lot and will bring in their own team Chairman Jeremy Peace

"From 1 August it will be all about preparing for the Premier League, which we are still doing now anyway.

"This is a long-term plan where we want the club to be more secure in the Premier League as opposed to being where we are now, knowing it will be tough along with nine other clubs.

"In the meantime it will be business as normal. There will be no freeze on recruitment."

Peace said if someone said they wanted to buy the club, Albion would have to make sure "it's a big, serious investor".

He said: "There may be people who want the whole lot and will bring in their own team.

"There may be others who might think that we run the business well and if we work with them over a period of time then they may get greater value out of their investment.

"If we get an inquiry then they will be dealt with by other board members because I'm conflicted.

"If it's not in the best interest of the club then it won't happen."