While Wolverhampton Wanderers (Wolves) are now nowhere near the lucrative English Premier League, they are the proverbial sleeping giant and without doubt a club with a distinguished history.
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Wolves, who had been put up for sale by Morgan in September 2015, are the second Championship club to have Chinese owners after Midlands rivals Aston Villa were sold to Dr Tony Xia earlier this year.
Nicknamed “Wolves”, the club said that Fosun will takes 100% of its shares and assets transferred from former owner Steve Morgan, who owned the club for nine years, the People’s Daily reported.
Fosun started in 1992 through five graduates from Fudan University, including its current chairman Guo Guangchang, 49, who is China’s 17th richest man.
Wolves finished last season 14th in the Championship and fans were unhappy with their failure to challenge for a play-off place.
“Football is enjoying a huge growth in China and, of course, is England’s national sport”.
Chief executive Jez Moxey will also leave, in three months after overseeing the transition.
Rumours had been circulating about the prospective Fosun purchase for the last two weeks, however, the club is expected to formally announce the deal later on Thursday.
To Kenny Jackett and the backroom team, all the managerial and coaching staff, past and present, and indeed to all the players, who always gave their very best for Wolves, I send my deepest thanks.
He was quoted as looking for £40million to buy the Championship club.
“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”.
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The president of Fosun International has indicated his intentions for the World Cup to be in his native China in 20 years, and has began to invest into European football in order to make this possible.
