‘Push the club’ Jeff Shi makes big admission amid Wolves funding claims
Wolverhampton Wanderers Jeff Shi has confirmed that Fosun are seeking fresh investment in the club.
The Chinese conglomerate, headed by Guo Guangchang (pictured below) bought Wolves for £45m in 2016 and have bankrolled a number of high profile signings including Rui Patricio, Raul Jimenez and Adama Traore.
But claims had been made last month that the ownership had an intention to sell a small stake in the club in order to fund both player arrivals and the planned Molineux redevelopment.
Those plans have now been confirmed by Shi, who spoke on China Golbal Television Network: “We welcome any new partnership, new funding, new sponsorship to help us, to grow together with us. And to push the club to a high level in the future.”
Fosun have lofty ambitions for the club and hold aspirations of Champions League qualification and competing for Premier League titles. There are also provisional plans in place to increase the capacity of Molineux to 46,000.
The owners are believed to have taken a financial hit from the collapse of holidaymaker Thomas Cook – with some suggestions it could be as much as £1bn.
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BirminghamLive recently caught up with Professor of Sport and Enterprise Simon Chadwick, who explained that Fosun will be looking for other ways to inject cash into the club to keep up with their aggressive plans.
“Decisions are made behind closed doors in Tiananmen Square,” adds Chadwick. “You, me and every Wolverhampton Wanderers fan in the world is never going to know why decisions are made.
“Number one is Fosun would like to develop the club – player purchases are an important part of this, the stadium redevelopment which is going to cost money.
“One reading of this is that Fosun are not getting big money out of China any time soon so this is them looking at other routes of trying to inject some liquidity into the club.”