Peace will be replaced by former Blackburn chief John Williams after the club was sold to a group headed by 42-year-old Guochuan Lai
Elsewhere, in the southern section, Wycombe, Crawley, MK Dons, Southend, Luton, Millwall and AFC Wimbledon progressed.
The following managers have all led West Bromwich Albion to at least one of the following achievements whilst in charge of the club: winning a major trophy or reaching the final, achieving a top three league finish in the top flight, winning promotion or reaching the quarter-finals of a major European competition.
On 24 July 2015, Jeremy Peace announced that his sale exclusivity deal was now off after potential buyer was unable to fulfil terms of sale.
BBC pundits, commentators and journalists predict who will win the Premier League title and who will finish in the top four.
Peace himself is set to quit with chief executive Mark Jenkins likely to follow. It is understood that sporting director Richard Garlick could move into a boardroom position to help smooth the transition.
With the Premier League now over, chief football writer Phil McNulty assesses how each team performed over the season.
In the 2000s BBC television drama series New Tricks the characters Jack Halford, Brian Lane and Gerry Standing were so named by the writer Roy Mitchell in honour of the Halford Lane standing area of Albion's ground.
Van Aanholt, who started the afternoon on the bench, scored an 83rd-minute equaliser to clinch a 1-1 draw with West Brom at the Stadium of Light.
However, even though it is relatively late in the summer to complete a handover, West Brom have been finalising their arrangements for several weeks.
Super agent Jorge Mendes – representative of Manchester United boss Jose Mourinho among others – is part of the group attempting to purchase the club from building magnate Steve Morgan.
Patrick van Aanholt scores a late equaliser for Sunderland - but they remain in the relegation zone after drawing with West Brom.
The Hawthorns is certificated under the highest UEFA pitch surfaces which means it is ready to host almost any competition if required however attendance may scupper this. Its West Stand could be developed over the Halford's Lane road at the back of the stand to allow an upper tier, approximately adding around 5,000 to the capacity of The Hawthorns. Other developments can include the filling in of The Millenium and East-Rainbow corners if and when required.
It fits that with negotiations taking place in the background that Peace – along with Spurs’ Daniel Levy – is possibly one of the most hard-nosed owners in the top-flight – has been keeping his cash close to his chest in case of a possible exit.
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The newcomers are reportedly monied Chinese – and will have significant cash to spend on a club that has been prudently run since the out-going chairman assumed control 15 years ago.
Owner Jeremy Peace is ‘close’ to sealing a £150million deal for the Baggies as he brings to an end a process that has been on-going for the past two years.
Big win for Northern Ireland while Scots are held at home
Li has been linked with Wolves but sources close to the club have indicated that the country’s sixth most wealthy individual will not be following up acquiring a controlling stake in AC Milan by adding Wolves to his portfolio of sports’ businesses.
On Monday, English Football League chief executive Shaun Harvey defended the new format of the Checkatrade Trophy which saw 16 development squads introduced into the tournament for 2016-17.
Tuesday saw 62 teams in action with 13 clubs sealing their place in the second round - an evening once again marked by low attendances at most grounds.
The 1960s television documentary programme Look at Britain screened an episode called "The Saturday Men" focusing on the club
Northampton 2-2 West Brom Northampton Town win 4-3 on penalties
They have been to sanctioning a deal with investors from the Far East before. But a source said: ‘You’ll be able to measure their wealth in billions, not millions.’
In the wake of West Brom's takeover, BBC Sport asks how the West Midlands' big four clubs all ended up in Chinese hands.
In the northern section, Cambridge and Walsall joined Scunthorpe and Leicester in round two.
Famous Fans include comedian Frank Skinner, former ITV presenter Adrian Chiles, One Direction singer Liam Payne, comedian Lenny Henry, tennis player Goran Ivanisevic, Cat Deeley, and guitarist Eric Clapton.
Peterborough 1-1 West Brom West Bromwich Albion win 4-3 on penalties
West Bromwich Albion will become the latest Premier League club to fall into foreign hands in the next fortnight, reports Neil Moxley in the Sunday People.
Kairo Mitchell scored the only goal in Leicester's 1-0 win at fourth tier Grimsby which sent the Premier League academy team through and put the Mariners out.
Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.
The team has played in navy blue and white stripes for most of the club's history. Albion have a number of long-standing rivalries with other West Midlands clubs; their traditional rivals have always been Aston Villa and Wolverhampton Wanderers, the latter of whom they contest with in the Black Country derby.
West Bromwich Albion Football Club /ˈbrɒmɪtʃ/, also known as West Brom, The Baggies, The Throstles, Albion or simply WBA, is an English professional football club based in West Bromwich in the West Midlands. The club was formed in 1878 and has played at its home ground, The Hawthorns, since 1900.
In July 2016, Peace announced that he had managed to find a buyer in the form of Chinese entrepreneur Guochuan Lai, the figure agreed upon is believed to have been £175 million pounds. This take over was successfully completed ahead of schedule on the 15th of September the same year. 
The badge has been subject to various revisions through the years, meaning that the club was unable to register it as a trademark. As a result of this, the badge was re-designed in 2006, incorporating the name of the club for the first time. The new badge gave Albion the legal protection they sought.
Six of the academy clubs' players have to be under 21, with no limits on the other five players in their team.
Read More PSG 2-1 West Brom: Rabiot and Lucas sink young Baggies
Switzerland international Klose, 28, joined Norwich from Wolfsburg during the January window but was unable to help them avoid relegation from the Premier League.
With Manchester United prepared to pay £100m, the Frenchman's every movement is being tracked
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