Chinese conglomerate Fosun International buys Wolverhampton Wanderers for £45m
Steve Morgan has relinquished his ownership of the West Midlands club to Fosun International. Chief Executive Jez Moxey will also step down.
Wolverhampton Wanderers have been bought by Chinese conglomerate Fosun International in a deal worth £45m. In an open letter addressed to supporters of the club, previous owner Steve Morgan said Fosun had "made a commitment to invest between £20 - £30m over the next two years" in the club. Jez Moxey, who was the Chief Executive at the club for the last sixteen years will remain at the club for the next three months, as the club look to find a suitable replacement for him.
The Wolves are not the first Championship club to be bought by Chinese owners, with their recently relegated rivals Aston Villa having been sold to Dr. Tony Xia for £76m.
Fosun's total assets. That's a spicy meatball. https://t.co/i0vENIDIVw— Tim Spiers (@tim_spiers_Star) July 22, 2016
"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," said Jeff Shi, who will become the club's new representative.
"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves.
"During our conversations, Steve's great passion and vision for the club and Wolverhampton was very clear and we feel privileged to pick up the baton from him.
"And also to Jez Moxey for his tremendous contribution to Wolves. We are sad to see him leave."
Shi continued: "We would also like to thank the hugely loyal and passionate Wolves supporters, and all of the club staff, for their patience whilst our discussions were ongoing. We hope they will be pleased with, and supportive of, our exciting plans for Wolves.
"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there.
"We believe the club and the fans belong at the top of English football and getting there is our first and top priority."
Fosun International has known ties with Jorge Mendes, football’s biggest super-agent. The Portuguese represents some of the biggest names in world football, including Cristiano Ronaldo, Paul Pogba, and manager Jose Mourinho. He sold a minority share of his agency Gestifute to a subsidiary of Fosun in 2015 and is expected to play a part in recruitment at Wolverhampton.