Football

Chinese company buys English Championship club Wolverhampton Wolves

Written by Ben Blaschke

English Championship side Wolverhampton Wanderers, commonly referred to as Wolves, has been purchased by China’s Fosun International.

Former owner Steve Morgan agreed to sell the club to the Chinese conglomerate for £30 million, with the English Football League formally ratifying the deal this week.

Fosun’s Jeff Shi, who led the negotiations, has stated that the company’s priority is to ensure Wolves win promotion back to the Premier League. He will also invest significantly in the club’s youth academy with a focus on promoting local youngsters and supporting the community.

Morgan has pledged to donate a significant portion if his sale proceeds to charity of Fosun can deliver on their promise to return the club to the top flight.

The new football club board will comprise Mr Shi, Mr Sky Sun as well as local businessmen John Bowater and John Gough. Bowater and Gough already serve as non-executive board members.

“We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves,” said Mr Shi. “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.”