Wolves confirm sale of club to China's Fosun Group with sights set on premier league football

English championship club Wolverhampton Wanderers Thursday confirmed the Fosun Group op China, chaired by Guo Guangchang, had become sole owners of the club.

In a statement the new owners said their goal was to return Wolves to the premiership.

On its official website Wolves said a sale and purchase agreement has been signed which sees the transfer of the 100 percent ownership in Wolves and all its assets from outgoing owner Steve Morgan and his Bridgemere Group to Fosun Group (Fosun).

The statement added the purchase of Wolves by Fosun has been approved and fully ratified by the English Football League (EFL) and its board of directors. The financial terms of the transaction are private and confidential between the parties.

"Fosun are one of the largest investment groups in China. They have stakes in various projects worldwide, including: Club Med, Cirque du Solei, Folli Follie and Studio 8 etc. Fosun have attached great importance to UK-based investments and they currently have interests in Thomas Cook, Silver Cross, and Resolution Property."

Fosun will currently have a football club board consisting of four people. Jeff Shi, who led the negotiations on behalf of Fosun, will become the Club's representative, alongside him will be Sky Sun. Local businessmen and Wolves fans John Bowater and John Gough will also continue to serve as non-executive board members.

The club's CEO Jez Moxey is to step down after 16 years of service to Wolves. Endit