Wolves sold to Chinese group

Wolves have confirmed the club has been bought by Chinese investment group Fosun International.

The deal with previous owner Steve Morgan is understood to be worth about £45m and was announced on Thursday on the club website.

Fosun, one of the largest investment groups in China, has pledged to invest £20m to £30m in Wolves during the next two years and to take the West Midlanders back into the Premier League as soon as possible.

The group’s chairman, Guo Guangchang, is one of China’s 20 richest men, worth in excess of £3.7bn. The group has stakes in companies across the world including Club Med, Cirque du Soleil and Thomas Cook.

It also has links with super-agent Jorge Mendes who represents Jose Mourinho and Cristiano Ronaldo.

Wolves chief executive Jez Moxey will stand down after 16 years at Molineux but will stay for three months to help the transition to the new board.

“We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves,” Fosun representative Jeff Shi said in a statement on the club …

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