West Brom chairman Jeremy Peace has put an end to speculation that the club could be sold, admitting that he has received no firm offers of investment.

In June, majority shareholder Peace invited potential investors to bid for his stake in the club.

Peace set a deadline of 31 July because he did not want anything to detract from on-field concerns.

"There has been initial contact from a few third parties but we have received no firm proposals," said Peace.

The Baggies were promoted to the Premier League last season and Peace is keen to attract some financial muscle so that they can remain there.

"We were prepared to welcome proposals for a long-term relationship with a new substantial investor to help establish West Brom as a successful Premier League club," he said.

It is a nonsense for anyone to suggest a transfer cannot be processed simply because I am not in attendance West Brom chairman Jeremy Peace

"Although no-one has come forward, the club have been planning more ambitiously and aggressively than ever before for the new season and we are very much looking forward to once again competing in the Premier League.

"We said we would shut the door on this at the end of July because we did not want anything off the pitch impacting on the new season."

Peace also said his absence from transfer talks was not the reason Madjid Bougherra snubbed the club in favour of a transfer to Rangers.

The Algeria defender signed for last season's Uefa Cup runners-up in a �2.5m deal last Wednesday, having at one stage looked certain to join the Baggies from Charlton.

"It is a nonsense for anyone to suggest a transfer cannot be processed simply because I am not in attendance," said Peace.

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"I was away from the office for a few hours on Wednesday afternoon but I was available by phone and there were two directors present who could have completed the deal if it had been possible to do so.

"Terms had been agreed with the player but we were still not in a position to complete the deal at that time.

"However, the player and his representatives did not return the following day and we were later informed that he had decided to join Rangers, with whom he had also been in discussions."