Chinese group Fosun International completed their take-over of English Championship club Wolves for an estimated £45 million ($59 million, 53 million euros on Thursday. Fosun, one of the largest investment groups in China, are 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 champions Leicester are owned by Thai billionaire Vichai Srivaddhanaprabha, while Wolves' local rivals Aston Villa were purchased by Chinse businessman Tony Xia earlier in the close-season. 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 group will have a football board of four people with Jeff Shi, who led the negotiations on behalf of Fosun, becoming the club's representative.