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Wolves takeover: Fosun International set to complete £30m deal

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A deal for Chinese investment company Fosun International to buy Wolves is understood to have been rubber stamped and is likely to be announced today.

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

It appears that Fosun, and not billionaire Robin Li, were behind the sale and have all-but-sealed a £30million purchase.

  • UPDATE: £30m Wolves takeover deal is complete, club confirm

There was no official confirmation from the club this morning, but the Express & Star's Wolves correspondent Tim Spiers tweeted:

Current owner Steve Morgan put the club up for sale at the start of last season and stepped down from the board from directors.

Chief executive Jez Moxey has been managing day-to-day business affairs and is expected to keep his job. Head coach Kenny Jackett, however, may not.

Spanish boss Julen Lopetegui has been linked with Jackett's job since reports of a takeover emerged over three weeks ago.

Wolves have been tight-lipped on any speculation, but there has been an ongoing halt to any incoming transfer activity. They could now break their silence by this evening, though.

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Fosun started in 1992 through five graduates from Fudan University including its current chairman Guo Guangchang, 49, who is China's 17th richest man.

The firm initially invested money in real estate and the healthcare industry, but soon expanded internationally and moved into fashion and tourism.

They have spent $30billion in 20 years, mostly in the United States and Europe, with interests in the likes of Cirque du Soleil and French resort brand Club Med.

But Guangchang has courted controversy in the past year and was reported to have mysteriously disappeared last December. He was allegedly detained when found.

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There were suggestions he was being questioned by police in relation a corruption inquiry. Shares in the group's companies were temporarily suspended.

In January a subsidiary of Fosun - Foyo Culture and Entertainment Co Ltd - signed a partnership deal with Portuguese agent Mendes' Gestifute agency.

On the whole, Guangchang's operation turned over more than £9billion last year - about £24.7m a day.

Profits have risen to a whopping £918.6m and, measured on market capitalisation, they are worth £7.77billion, larger than more than half the companies on the FTSE 100 list.

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