West Brom chairman Jeremy Peace has set a summer deadline for any investors to buy the club.

The Baggies owner wants to avoid a long takeover saga at The Hawthorns and would be prepared to shelve any deal – if not completed – by early June, Press Association Sport understands.

Peace, who has been majority shareholder since 2005, is believed to want between £150million and £200million for the Baggies.

Peace's valuation of Albion is based on the new £5billion broadcast rights deal for the Barclays Premier League, with clubs expected to net even more cash when the overseas broadcast rights are sold.

Groups from China, America and Australia are understood to be interested in the Baggies with at least one consortium being given a tour of the club's stadium and training ground.

Peace confirmed in February he was looking for fresh investment in the wake of the new broadcast rights contract.

He told the club's site: "I said in 2008 that I was open to proposals regarding investment in the club and would not stand in the way of a new owner providing they convinced me their intentions for the club were in keeping with its traditions and values and their ability to deliver on them was realistic.

"Nothing has changed in that regard. The recent announcement of a new and record media rights deal for the Premier League from season 2016-17 is sure to mean that there is once again huge interest in the brand.

"It was only right and prudent, in my view, that at such a moment we should present the Club to the investment market."

Albion are 14th in the Barclays Premier League, seven points above the relegation zone, and host bottom side Leicester on Saturday.