International

Wolves set for Chinese takeover - reports

2016-07-21 13:42
Soccer ball (Getty Images)

London - Chinese group Fosun International are on the verge of completing a takeover of English Championship club Wolves, according to reports on Thursday.

Wolves have been up for sale since 2015 and it has been widely reported they will confirm the buy-out for an estimated 45 million ($59 million, €53 million) in the next 24 hours.

If the takeover is finalised, it will make Wolves the latest English club to go under Asian ownership after their local rivals Aston Villa were purchased by Chinse businessman Tony Xia earlier in the close-season.

Fosun International's imminent takeover could raise doubts about the future of Wolves manager Kenny Jackett, who is currently in Ireland with the squad.

The 54-year-old is understood to have told the team earlier this month that the takeover was going ahead and he had been given no assurances over his future amid reports former Porto boss Julen Lopetegui has been lined up to replace him.

Wolves finished last season 14th in the Championship and fans were unhappy with their failure to challenge for a play-off place.

Fosun started in 1992 through five graduates from Fudan University, including its current chairman Guo Guangchang, 49, who is China's 17th richest man.

The firm initially invested money in real estate and the healthcare industry, but soon expanded internationally and moved into fashion and tourism.

They have spent $30 billion in 20 years, mostly in the United States and Europe, with interests in the likes of Cirque du Soleil and French resort brand Club Med.

Fosun have links with high-profile agent Jorge Mendes, who represents Jose Mourinho and Cristiano Ronaldo and is believed to have agreed to take a role helping Wolves with player recruitment.

Wolves owner Steve Morgan, who bought the midlands team for 10 from Jack Hayward in August 2007, quit as chairman after putting the club on the market and chief executive Jez Moxey has been running day-to-day operations at Molineux.

Read more on:    wolverhampton wanderers  |  soccer
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