Ten years of Fosun: What next for Wolves?

Today marks 10 years since Fosun bought the football club and, as our series of articles detailing the rise and fall has shown, supporters have seen it all.

The fall has been nowhere near as damaging as the Bhatti brothers’ ownership of Wolves in the 1980s, while the rise from the Championship to the Europa League under Nuno Espirito Santo was special.

But Fosun and Wolves are now back to square one.

Initial investment took the club out of the second tier and continued ambition drove them on, while tighter pursestrings and bad recruitment decisions led us on a path that would inevitably result in relegation.

On July 21, 2016 Fosun bought Wolves with the hope of returning them to the top and after one poor season was followed by a tremendous one, they did just that.

On July 21, 2026 Fosun now have to get it right again to take this club back to the Premier League at the first time of asking.

The man leading this charge - and the one making the big decisions - is chairman Nathan Shi.

He arrived at Wolves in December when predecessor Jeff Shi was removed from his post following a series of damaging failures.

N.Shi was originally put in place as interim, but was always expected to get the permanent post, which was confirmed publicly in May.

He went to university in America and eventually rose up the ranks at Fosun, working for Fosun-owned travel operator Club Med before coming to Wolves.

N.Shi has no professional experience in football - like J.Shi before him in 2016 - but Fosun were always going to put one of their own into the Wolves hotseat rather than an outsider.

What we have seen, however, is a difference in character and styles.

J.Shi got it right early on and badly wrong in more recent years and although many close to him believe his heart was in the right place, he was often difficult to work with for people at the football club.

Upon his arrival, N.Shi would have been wise to listen to those in situ at Wolves, understand the club and fans, and make informed decisions - which he seemingly took on board.

He has attempted to immerse himself in the football club and learn its history, while also communicating effectively both inside and outside the club.

J.Shi’s communication skills left a lot to be desired and he often upset supporters with bizarre comments, but from the very beginning N.Shi has attempted to be more concise and direct in his public statements, while the first fans’ forum was a fairly reasonable success.

Unlike his predecessor, N.Shi was also out on pre-season in Portugal to stay close to the coaching staff and players and remain in constant communication with technical director Matt Jackson.

N.Shi was spotted around the team hotel wearing Wolves training gear and multiple sources have insisted he has been easier to work with.

But being a more pleasant colleague does not necessarily equal success and N.Shi will ultimately be judged on his decisions.

He made a good start by reducing season ticket prices and bringing in high-profile free agents in Kieran Trippier and Raul Jimenez, but his biggest decision to date split opinion.

The manner in which Rob Edwards was sacked - as he found out via social media reports - was cruel and the decision to appoint Jorge Mendes client Cesar Peixoto is a gamble, but a move for a Gestifute client was unsurprising.

What Fosun have done with that decision is prove that, in the bigger picture, they will operate in the same manner regardless of who has the title of club chairman.

When considering what is next for Wolves, we have to consider the influence of Mendes.

He played a vital role in Jimenez rejoining and Peixoto becoming head coach - while undoubtedly he will have played a part in Joao Gomes leaving for Villa - but we are yet to see Wolves’ transfer activity really kick into gear.

To what extent Mendes is running the show again will be determined by the business done this summer, and Wolves will need to see more of the 2017 successes from the super-agent, rather than the flops of recent years.

Wolves need to make decisions on who exactly will leave, which will partly depend on Peixoto’s assessment of individuals during pre-season, and the club then needs to act on areas to recruit.

A new goalkeeper is crucial, while another midfielder is essential.

On top of that, Wolves need to bolster their attacking options with another winger and likely another number nine, to bring more experience and ruthlessness to the forward line.

The answer to the question of what is next for Wolves will heavily depend on the hierarchy getting the balance of the squad right and giving promotion a proper push next season.

Perhaps even more crucial is the necessity for Wolves to bring back some pride in the club.

Supporters have been angry and disengaged for some time as the club continued to spiral towards relegation and fans need a reason to be proud of their club again.

A few more wins next season should do it - after years of painful performances and results - and Wolves have a great start with their early fixtures.

A Carabao Cup first round tie at home to League Two Port Vale is an opportunity to start well and use it as a springboard for the Championship, which then starts at home to Blackburn the following week.

A trip to Preston and then a home clash with Stoke come next, meaning Wolves’ three league fixtures in August come against sides that finished in the bottom half last season.

They may not get a better chance to gain some early momentum and bring fans back on board.

Peixoto is still an unknown quantity with no previous experience of English football, but Wolves’ short and long term future may rely on him being an inspired choice.

Fosun may not be popular right now, but they do have a chance to put it right and bring back some of the glory from their early years owning Wolves.

“They're almost back where they started now,” former midfielder Dave Edwards said when asked how he would rate Fosun’s 10 years of ownership.

“There’s a very different feeling around the place, off the back of relegation.

“But you have to say it's been a massive success.

“Where the football club was before Fosun and where it is since, it's been successful.

“The first four or five years was dreamland for Wolves. Unfortunately, COVID and other circumstances have limited them.

“The sustainability model of more recent years obviously hasn't worked.

“They've made money off selling big assets, but unfortunately, it was always going to be a time where they couldn't replace them.

“They'll be disappointed with the way it's gone but overall you have to say it's been a success.

“Hopefully, they've learned from what's happened in the last two or three years and be ready to put that right and learn from those mistakes and try and drive Wolves to another promotion, which isn't easy.

“But if they do, then hopefully they'll be in a position to know what the Premier League needs for that longevity.”

Fosun will not be here forever, they will eventually sell the club, but they have to avoid making the same mistakes twice if the next 10 years are going to look brighter.

Any sensible business would know that - and they will want to sell from a position of strength when that time comes - but the jury is still out on whether they have learned from previous failures.

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