By Matt Storey
Wolves takeover has been confirmed as the Fosun Group have purchased 100% of the football clubs shares from Steve Morgan.
The sale means Wolves are now one of the richest clubs in the world.
Steve Morgan and Chief Executive Jez Moxey will both leave Molineux after nine and 16 years respectively, as the Chinese group look to propel the Black County club back to the Premier League.
Manager Kenny Jackett is expected to be relieved of his duties, although no official announcement has taken place and he remains in Ireland on the clubs pre-season tour.
The sale has been ratified by the Football League with the figure believed be £30 million, with a substantial promotion bonus in place.
Jeff Shi who led the negotiations for Fosun Group, one of the biggest investment groups in China, will be the clubs representative on the football board and he was excited about their plans for the club.
Shi said “We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves,
“We feel privileged to pick up the baton from Steve Morgan and owe a great deal to him and both Jez Moxey for all they have done for the club, and for trusting us as the new custodians.
“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.”
Meanwhile outgoing owner Steve Morgan wrote an open letter to the clubs supporters and is certain Fosun will improve the club further.
“I am confident that with Fosun, the Club is in very good hands,” Morgan said.
“They have a lot to look forward to and I know they are fiercely determined to help take the Club to new heights.”
Morgan brought the club from Sir Jack Hayward in 2007 and oversaw the clubs promotion to the Premier League in the 2008-2009 season.
After three successive seasons at the top level, Wolves suffered the ignominy of back to back relegations before winning League One with a record points tally.
Despite still being in the same position as they were when Morgan took over nine years ago, he is confident that the infrastructure is in a “significantly stronger position.”
Fosun have agreed to pump between £20 and £30 million into the club over the next two seasons, although it is understood that to ensure the stability of the club this won’t be done by spending large amounts of money on new players.
They are also aware of the importance of bringing through players from the academy and making sure Wolves don’t lose touch with the community.
“We will continue to develop and enhance Wolves Academy and to create more and more young talent for the first team and to keep it as one of the very best in football.” Shi explained
“We also understand the importance of the Club’s role within Wolverhampton and the surrounding communities and that is something we are determined to continue.”
Part of the deal see’s the Fosun group commited to working with the charity Wolves Aid for at least one more season.
Jeff Shi will be joined on the football board by Sky Sun, whilst current non-executive board members and Wolves fans John Bowater and John Gough will continue their roles.
Both Shi and Moxey will attend a press conference on Monday afternoon outlining more details of what is to come, with Moxey staying in his role for three months to ensure a smooth transition period.
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Tom Hughes
21 July 2016 at 11:20 pm
As a Wolverhampton Wanderers supporter for 37 years . I have seen us mostly be at best a very average Championship side. This despite being heavily invested by the late Great Sir Jack Hayward. If the reports of Fosun international investment levels being £20-£30 million over the next 2 years . I feel this new owner will Not put the money into buying Quality players , and will instead if the reports are correct . Fosun international won’t be putting tens of millions into making us a Great club again . I fear the fans will yet again be let down by owners with no ambitions.