Express & Star

Wolves takeover: How rich are Fosun?


There's a new player in town - and you can bet Fosun International have the wealth to make Wolves a major force in the football world.


While they might be a billion or two behind Robin Li - the seventh richest man in China and 119th in the world - they can also boast mega-bucks status.

Fosun are reported to be closing in to buy up-for-sale Wolves, with a £30m deal claimed among sources to be already done.

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

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

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.

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 and makes about £24.7m a day, so the funds to buy Wolves are little more than pocket change.

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 he FTSE 100 list.

Wolves fans can be equally excited that Fosun - are coming in to to buy the club this summer. Rest assured they are not going to be pot-less anytime soon.