Fosun International buys Wolves from Steve Morgan for £30 million
Club will now have one of the richest owners in the country
Jez Moxey steps down as CEO after 16 years
Kenny Jackett expected to depart in coming days
Moxey and Fosun representative Jeff Shi to hold press conference on Monday
China-based Fosun International has bought the club from Steve Morgan and his Bridgemere investment company in a deal which has now been fully ratified by the English Football League.
Morgan is selling Wolves to the Chinese conglomerate for £30m and pledging to hand part of that sum to charity if the club are promoted.
The sale figure is significantly lower than the £45m widely reported.
Sources close to the sale suggest that if Wolves are promoted he will donate "a substantial part" of the sale figure to charity.
After 16 years at Wolves, Jez Moxey is set to leave the club, although he will stay in his role for a transition period of up to three months.
Moxey is due to attend a press conference on Monday alongside Jeff Shi, who led the negotiations on behalf of Fosun.
Mr Shi said Fosun's priority would be 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.
Meanwhile Josep Lopetegui, who had widely been expected to take over from Kenny Jackett, has been appointed Spain manager.
Jez Moxey set to move to Norwich, say reports
Fans welcome new Chines era
Steve Morgan's message to fans in full
Watch these Wolves fans react to news of sale
Julen Lopetegui takes the Spain job
Boss Kenny Jackett waiting to hear his fate
How rich are Fosun?
Steve Morgan's nine years at Wolves - IN PICTURES
Fosun's football club board will consist of four people: Mr Shi, Mr Sky Sun and local businessmen John Bowater and John Gough who already serve as non-executive board members.
Bridgmere's group finance director Ashley Lewis, who joined the board when Steve Morgan resigned as chairman last September, joins Mr Moxey in stepping down.
Mr Shi said: "We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves.
"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves.
"Also to Jez Moxey 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.
"We would also like to thank the hugely loyal and passionate Wolves supporters, and all the Club staff, for their patience whilst our discussions were ongoing."
Fosun, which is worth around £7.7 billion, is chaired by China's 17th richest man, Guo Guangchang.
Jeff Shi is in charge of Foyo Culture and Entertainment Co Ltd, one of Fosun's subsidiaries. He has been pictured with super-agent Jorge Mendes before and will take the lead in Fosun's dealings at Wolves.
Redrow owner Steve Morgan bought Wolves from Sir Jack Hayward for just £10 in 2007, on the condition that he would inject £30 million into the club.
Eight years, five managers, two promotions and two relegations later, the 62-year-old Liverpudlian put Wolves up for sale in September last year.
A disappointing 2015/16 season ended and speculation over a takeover deal gathered pace, until the finishing touches were put on a deal with Fosun Group today.
Early in the afternoon Mr Morgan's law firm Squire Patton Boggs, who also acted for Randy Lerner when Aston Villa was sold to Dr Tony Xia's Recon Group, confirmed the sale had been completed and just before 3pm the club issued an official statement.
One person absent from the statement was Kenny Jackett, whose future remains in doubt.
More detail is expected to emerge on Monday, when Jez Moxey and Jeff Shi will hold a joint press conference.
"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves.
"We owe a great debt of gratitude to Steve Morgan for taking such good care of the Club and for placing his trust in us to become the new custodians of Wolves. During our conversations Steve's great passion and vision for the Club and Wolverhampton was very clear and we feel privileged to pick up the baton from him.
"And also to Jez Moxey 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.
"We would also like to thank the hugely loyal and passionate Wolves supporters, and all the Club staff, for their patience whilst our discussions were ongoing. We hope they will be pleased with, and supportive of, our exciting plans for Wolves.
"Football is enjoying a huge growth in China and, of course, is England's national sport. As part of our strategy, it makes perfect sense to buy a great Football Club.
"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.
"However, we will continue to develop and enhance Wolves Academy and to create more and more young talent for the first team and to keep it as one of the very best in football. We also understand the importance of the Club's role within Wolverhampton and the surrounding communities and that is something we are determined to continue.
"We are fully aware that achieving success for Wolves will not be easy. It will take hard work, resources, determination and togetherness. We will work with everyone who supports Wolves to help create a bright future for this great Club.
"We can't wait to get started on the exciting times ahead and look forward to a long and ultimately successful ownership of Wolves."