West Brom takeover latest: Could Albion follow Wolves into the hands of a Chinese buyer?
Chinese investors could complete a hat-trick of Midland football clubs – with a takeover of Albion still on the cards.
Interest in the Baggies from a Chinese consortium continues – and it follows confirmation of Wolves' new ownership after a £30m buy-out yesterday.
Albion chairman Jeremy Peace values his 88 per cent stake in the club at £150m to £200m and sources have confirmed interest from the Far East in recent weeks.
Sources suggest that a mooted deal is still on the cards and that the potential buyers will have huge resources to draw on.
"We're talking billions in wealth, but how much they'd put to the Albion, we don't know," said a source last night.
Wang Jianlin, who owns a 20 per cent stake in Atletico Madrid, and is alleged to be China's richest man is strongly rumoured to be on the look-out for a club, with Albion on his radar.
Mr Peace is coming under increasing pressure from shareholders who say they are 'disappointed' that the club has not yet tied up a deal.
Neil Reynolds, chairman of Shareholders for Albion, has said: "The majority are tired of speculation.
"My interpretation is that something is happening. I'm sure negotiations are going on but how strong they are, I really don't know."
Last year, a deal with an un-named Chinese consortium fell through following a stock market dip in the Far East.
Fosun Group's purchase of Wolves for around £30million was confirmed yesterday after one of the most dramatic days in the club's history, while Aston Villa were taken over by Dr Tony Xia for £76m earlier this summer.
The Shanghai-based Fosun International group bought Wolves 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 is the 17th richest man in China.
It marks the end of Mr Morgan's nine-year tenure at Molineux after taking over from Sir Jack Hayward.
On a dramatic day for Wolves and the city of Wolverhampton:
Jez Moxey stepped down as chief executive after 16 years
Mr Morgan said the new owners will pump between £20-£30m into the club over the next two years
Fosun investment director Jeff Shi will head up a new four-man board and said Premier League football is top priority
A press conference attended by Mr Shi and Mr Moxey will take place on Monday.
But in a dramatic development, the future of boss Kenny Jackett remains unclear – with his widely-mooted replacement Julen Lopetegui appointed as the new Spain manager yesterday afternoon, just minutes before the Wolves takeover was officially announced.
Jackett and the team were due to travel back to England from a six-day trip to Cork, Ireland, this afternoon.
Conglomerate Fosun, run by 49-year-old chairman and China's 17th-richest man Guo Guangchang, formed in 1992 and have spent $30bn in 20 years investing in firms across the world, including household names Cirque du Soleil and French resort brand Club Med.
The group has close links to super-agent Jorge Mendes, who it is thought will play a big role in recruiting star players to Molineux.
Mr Shi said Fosun's priority was winning promotion to the Premier League as soon as possible, but also pledged to invest in Wolves' academy, promote youngsters to the first team and to support the local community.
Mr Moxey will leave Wolves in three months, staying temporarily to oversee the transition.
Mr Shi said: "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."
