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
NEXT ON SPORT24X

What To Read Next

 

Read News24’s Comments Policy

Live Video Streaming
Video Highlights
Sport Talk

 
 
Men
Women
Love 2 Meet
Sport24 on Twitter

Follow Sport24 news on Twitter

Featured

Big month in the world of golf as the FedEx Cup concludes on the PGA Tour, the Race to Dubai gathers steam on the European Tour and the Sunshine Tour offers local golfers the chance to bank some cash. Oh, and not forgetting the USA v Europe Ryder Cup showdown at Hazeltine!

Latest blogs
Vote

Who was the best summer signing in the EPL?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.