Wolves SOLD: Jez Moxey to leave as CEO - but not yet

Wolves chief executive Jez Moxey's 16 years of service are to come to an end after the club's takeover today - but if might not be for up to three months.

Moxey is to follow outgoing owner Steve Morgan in leaving Molineux, after the sale to Fosun International for £30m was confirmed this afternoon.

The conglomerate have close links to super-agent Jorge Mendes, who it's thought will play a big role in recruiting players for the team going forward.

Morgan is pledging to hand part of the sum to charity if the club are promoted. The sale figure is significantly lower than the £45m widely reported.

Moxey has been involved in the deal and managing day-to-day business affairs and was expected to keep his job. It appears it's his choice to depart.

The 53-year-old has been employed in his current role since June 2000 and will stay on until the club seek and appoint a successor to replace him.

Moxey and Jeff Shi, who will become Fosun's representative alongside Sky Sun, will hold a press conference to formally discuss the sale on Monday.

They will form a four-man board of directors, with Ashley Lewis stepping down after filling in the position Morgan left when he resigned as chairman.

Local businessmen and Wolves fans John Bowater and John Gough will continue to serve as non-executive board members. Shi hailed Moxey today.

He said: "We owe a great debt of gratitude to Jez for his tremendous contribution to Wolves. We are sad to see him leave.

"But, after 16 years of loyal service, we understand why he has chosen this moment as the right time to move on and we wish him well."