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Fosun likely to spend less on Wolves team as they search for investment

By Joe Edwards | Wolves | Published:

Chairman Jeff Shi has admitted Fosun are likely to reduce direct investment in the team as they aim to sell a stake in Wolves ahead of a possible public listing.

Wolves chairman Jeff Shi

The Chinese conglomerate, who have ploughed millions into the club since taking over in 2016 and helped transform them from Championship also-rans to Europa League competitors, are not planning on going anywhere.

But they are looking at public listing and want to 'test the market, to see the value of Wolves' and 'get the right partner with strategic connections'.

Speaking to the Financial Times on selling a stake, Shi said: "We are not just trying to sell the shares to anybody, we are very picky.

"We are doing it slowly. It’s more to test the market, to see the value of Wolves.

"It’s more about getting the right partner with strategic connections."

The FT says Fosun are selling a stake in Wolves worth £50m-£100m.

Shi also confirmed in the interview Wolves made a 'handsome' profit of £20m last season, helped by Premier League broadcast money.

But after spending around £80m on transfers this past summer, Shi said on improving the squad: "When we won the championship Wolves was not strong enough to be independent and we could only depend on our parent group.

"But now we are much stronger. Now is not the time to always get funding from Fosun."

Joe Edwards

By Joe Edwards
Multi-Media Sports Journalist - @JoeEdwards_Star

Wolves fan turned Wolves correspondent for the Express & Star.

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