U.K.'s Wolverhampton Wanderers is now officially under Chinese management after the West Midlands soccer club was sold to investment group Fosun on Thursday for 45 million pounds.
The sale sees the complete transfer of ownership of the club, also known as the Wolves, and all of its assets from former owner Steve Morgan and his Bridgemere Group to Fosun Group led by its chairman, Chinese billionaire Guo Guangchang, the China Daily newspaper reported on Friday.
"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," said Jeff Shi, who presided on the negotiations on behalf of Fosun.
"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," said Shi, who will also become the Wolves' representative and board member.
The Wanderers is the second English Football League Championship team to be purchased by Chinese investors. In June, businessman Tony Xia bought rival Midlands club Aston Villa for 76 million pounds.
The Wolves finished in 14th place last season in the Championship - the second tier of English soccer behind the Premier League - having won a promotion from League One in the 2013-14 season. The club last played in the Premier League from 2009 to 2012 before dropping down two divisions in consecutive seasons.
"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there," Shi said. "We believe the club and the fans belong at the top of English football and getting there is our first and top priority."
European football clubs have garnered the attention of Chinese investors in recent years, with clubs such as Inter Milan, Atletico Madrid, Manchester City, Aston Villa, Sochaux FC, and Slavia Prague receiving significant investments from the Middle Kingdom. The sale of Italian team AC Milan to a Chinese consortium is also underway.
The investment falls into Chinese President Xi Jinping's plans to turn China into a football powerhouse in the next several decades. In April, the Chinese Football Association unveiled a 50-point long-term development plan that includes significant development in grassroots programs, training academies, and stadiums across China.