Fosun International the acquisitive Shanghai based investment company, has made another lifestyle acquisition. This time they have followed in the footsteps of other Asian investors by buying an English football club.
While Wolverhampton Wanderers (Wolves) are currently nowhere near the lucrative English Premier League, they are the proverbial sleeping giant and without doubt a club with a distinguished history.
Founded in 1877 the club has suffered mixed fortunes in recent years but has also redeveloped its ground and with strong financial backing could re-establish itself as a top flight club.
Weak Pound
The terms of the deal are private and confidential but the price is said to be in the region of 45 million pounds sterling. In the wake of the Brexit vote the British currency has softened substantially which may have made the deal easier to close.
Wolves, who had been put up for sale in September 2015, are the second Championship club to have Chinese owners after Midlands rivals Aston Villa were sold to Tony Xia earlier this year.
Ambitious Plans
The new owners have wasted no time in getting the clubs long suffering supporters to buy in to their takeover by promising quick success.
«Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there. We believe the club and the fans belong at the top of English football and getting there is our first and top priority.» said Jeff Shi Fosun's board representative.
Current English Premier League Champions Leicester City, owned by Asian domiciled investors, also spent time in the lower leagues before their remarkable success last season.
