Chinese investment conglomerate Fosun International has bought SkyBet Championship soccer team Wolverhampton Wanderers.
The deal has been widely reported to be worth UK£45 million (US$59 million).
Owner Steve Morgan, who bought Wolves in 2007, put the club up for sale and stood down from their board at the beginning of the 2015/16 season. Morgan, despite still owning Wolves, has left the day-to-day running of the club to chief executive Jez Moxey for the last year.
Fosun International was founded by billionaire businessman Guo Guangchang - China’s 17th-richest man, who has a reported net worth of US$7.3 billion - in 1992.
The conglomerate has a vast and diverse portfolio of international companies such as British holiday firm Thomas Cook Group, Canada’s Cirque du Soleil, US clothing label St John and Greek jeweller Folli Follie. Furthermore, in early 2016, Guo signed a joint venture partnership with the highly influential soccer agent Jorge Mendes, whose clients include Real Madrid’s Cristiano Ronaldo, with the aim to ‘promote the development of Chinese football’. Mendes, in addition, sold a minority share of his agency Gestifute to a subsidiary of Fosun. The Portuguese is expected to play a part in recruitment at the Midlands club.
Wolves finished last season in 14th place in the English soccer’s second tier, 18 points clear of relegation.