Wolves Chinese takeover: Fans welcome new era after £30 million Fosun sale
Wolves today began a new era under Chinese owners after one of the most dramatic days in the club's history.
The Shanghai-based Fosun International group has bought the club for £30 million after a series of takeover twists and turns.
The club confirmed the sale of 100 per cent of Steve Morgan's shares to Fosun, whose chairman Guo Guangchang is worth an estimated £4.2 billion and the 17th richest man in China.
Wolves supporters last night welcomed news of the takeover and said they hope it can propel the club back to glory.
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Russ Evers, who runs Hatherton Wolves – the largest independent Wolves supporters club – said a cash boost was crucial for the success of the side.
The 52-year-old has been a season ticket holder at Molineux since he was just six.
Mr Evers said: "It's something that you need – without big finance you can't get anywhere in English football.
"The teams that have the financial clout and have used it have gone on to bigger and better things.
"We can't carry on with bargain basement players from League Two or non-league."
Muriel Bates, who has been the treasurer of Wolves Official Supporters Club since 1984, said she hopes investment in the team will bring the good times back to Molineux.
Mrs Bates, aged 73, said: "We've been in the doldrums for a long time now and I would love this to help us go up and do well.
"I would love Wolves to go up to the Premier and be fighting for the top.
"It would be great to be promoted this year but the new owners will only have a few weeks to assess things before the season starts."
Meanwhile Wolverhampton Council leader, and self-confessed Wolves fan, Roger Lawrence said the 'certainty' created by the takeover was a positive step for both the club and the city.
A successful football club breeds positivity around the whole of Wolverhampton, Councillor Lawrence suggested.
The doom and gloom and 'inability to make forward decisions' faced by Wolves in the dying days of Steve Morgan's ownership impacted on the city.
Councillor Lawrence said he welcomed future discussions with the new owners on how the council and the club could work together for the good of both.
He told the Express & Star: "The thing that has really been bad news for the city has been the uncertainty and inability to make forward decisions.
"Any more certainty can only be good news and I look forward to having discussions with the new owners to see how they can work with the city council around the football club. They are not just buying a stake in the football club but also a stake in the city. I welcome working with the new owners when they come in around their aspirations for the future for the club.
"I'd also welcome discussions about whatever else they might be interested in doing in the city."
Adam Thompson, who is a member of Wolves' Fans' Parliament, said Fosun International's takeover could be a springboard for Wolves to become a European force.
He said: "We've got to be cautious but very excited at the same time.
"This has the potential to catapult us into Europe's elite if money is invested in the right way.
"But we've seen how things don't always work out in the right way, you see what's happened to QPR, Birmingham City and Portsmouth.
"I think they will want to see a promotion challenge this year and then us going up with the next couple of years."
The University of Wolverhampton also welcomed the takeover as 'good news' for the club and the city.
Deputy vice-chancellor, Professor Ian Oakes, said: "The news of the takeover sounds like good news for Wolves and good news for the city and region as a whole.
"The initial benefits are that the club will be able to compete in an extremely aggressive transfer market to improve the squad and other infrastructure to help achieve its aim of restoring Premier League football to Wolverhampton.
"It has been well documented, including through research conducted at our own University, that when Wolves are successful on the pitch it has a positive impact on the economy.
"The city gets an increased profile, more fans wanting to see matches, spending money in shops, pubs and hotels.
"Also when Wolves are doing well there's an added buzz about the city and a feel good factor.
"It's a real boost too to the economy as we have Chinese investors wanting to put money into Wolverhampton and the Black Country.
"We have an excellent relationship with Wolves and see them as a key partner. We already work very closely with them, sponsoring the club's academy, and we see this relationship continuing to flourish."
