London (AFP) – Chinese group Fosun International completed their takeover 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.

“Wolverhampton Wanderers Football Club (Wolves) are delighted to confirm that a sale and purchase agreement has been signed which sees the transfer of the 100 percent ownership in Wolves and all its assets from Steve Morgan CBE and his Bridgemere Group to Fosun Group (Fosun) headed by Chairman Guo Guangchang,” a statement on the club’s website announced.

“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 initially invested money in real estate and the healthcare industry, but soon expanded internationally and moved into fashion and tourism.

They have spent $30 billion in 20 years, mostly in the United States and Europe, with interests in the likes of Cirque du Soleil and French resort brand Club Med.

Wolves finished last season 14th in the Championship and fans were unhappy with their failure to challenge for a play-off place.

– No Jackett required –

Fosun’s takeover will raise fresh doubts about the future of Wolves manager Kenny Jackett, who is currently in Ireland with the squad.

The 54-year-old is understood to have told the team earlier this month that he had no assurances over his future.

Fosun have links with high-profile agent Jorge Mendes, who represents Jose Mourinho and Cristiano Ronaldo and is believed to have agreed to take a role helping Wolves with player recruitment.

Wolves owner Steve Morgan, who bought the midlands team for £10 from Jack Hayward in August 2007, and chief executive Jez Moxey have both stepped down.

Morgan believes he is leaving Wolves in good hands and he expects the team to mount a strong challenge for promotion to the Premier League under their new owners.

“It is the right time to be handing the baton on to someone else to take Wolves forward, and to that end I am delighted to have completed the transfer in ownership to Fosun International Group,” Morgan said.

“Leaving the right legacy is hugely important to me and I am delighted that as part of my deal with Fosun they have made a commitment to invest between £20-£30m over the next two years into the club. 

“I’d like to sincerely thank Fosun, particularly Jeff Shi and his team. They have a lot to look forward to and I know they are fiercely determined to help take the club to new heights.  

“I am confident that with Fosun, the club is in very good hands. I wish them well, as I do everyone connected with Wolves both now and for the future.”

Moxey and Fosun’s Jeff Shi are due to attend a press conference to discuss the takeover on Monday.