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July 22, 2016

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China’s Fosun International seals takeover of Wolves

CHINA’S Fosun International group completed its takeover of English Championship club Wolverhampton Wanderers for an estimated 45 million pounds (US$59 million) yesterday.

Fosun, one of the largest investment groups in China, is the latest Asian consortium to snap up an English club as they look to cash in on the huge financial rewards on offer to teams promoted to the Premier League. Premier League champion Leicester is owned by Thai billionaire Vichai Srivaddhanaprabha, while Wolves’ local rival Aston Villa was purchased by Chinese businessman Tony Xia earlier in the close-season. Wolves finished last season 14th in the Championship and fans were unhappy with their failure to challenge for a playoff place.



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