Chinese group Fosun International has completed their £45 million takeover of the English Championship club Wolverhampton Wanderers, the club stated in an official announcement. As part of the deal, Fosun will also invest up to £30 million in the club over the next two years.

As stated in earlier media reports, the Chinese group, led by businessman Guo Guangchang, has teamed up with Gestifute, the Portuguese football agency founded by Jorge Mendes, agent of Jose Mourinho and Cristiano Ronaldo.

Once the takeover is completed, Fosun will set up a four-member football board. Jeff Shi, who led the negotiations on behalf of Fosun, is expected to become the club’s representative. The other three non-executive board members will be Sky Sun, John Bowater and John Gough.

"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," Shi said,"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 get Wolves back to the Premier League as soon as possible and to keep them there. We believe the club and the fans belong at the top of English football and getting there is our first and main priority."

Source: espnfc

Proofread by Sean O Diobhilin