Wolverhampton Wanderers Chairman Jeff Shi Denies Club is for Sale Amid Turbulent Summer
Wolverhampton Wanderers chairman Jeff Shi has reassured fans that the club is not for sale, despite a challenging summer. The Premier League side is currently facing difficulties in the transfer window as they try to strengthen their squad while adhering to financial fair play (FFP) regulations.
Although Wolves have identified several transfer targets, including Bristol City teenager Alex Scott, West Ham United full-back Aaron Cresswell, and Borussia Monchengladbach defender Nico Elvedi, they need to generate income before making any further signings. This situation has frustrated head coach Julen Lopetegui.
Supporters have also expressed concerns as the club has already raised £77.5 million from the sales of Ruben Neves, Nathan Collins, and Conor Coady. However, Shi, who is part of Fosun Group, the ultimate shareholder of the club, has released a statement denying any plans to sell the club. He reaffirmed Fosun’s commitment to the future and their dedication to complying with FFP regulations.
Shi stated, “First of all, Fosun remains committed to Wolves and has never had any plans to sell the club. The club is a long-term project and an important one for Fosun. Before the end of the 2023-24 season, there will be an annual test, and we are going to make sure we pass it, as we have done in the last five seasons.”
Fosun has made significant investments in Wolves in recent years. They wrote off a £126.5 million loan in the 2020-21 accounts and have funded approximately £175 million in spending during the past two transfer windows. However, Wolves reported a loss of £46 million in the 2021-22 financial year. As a result, plans for developing and improving Molineux, which were unveiled in the 2018-19 season, have been put on hold.
Shi added, “Since the beginning of the 2020-21 season, we have been consciously signing players and promoting academy talents to make us ready to replace important players when needed. We know some signings might need a longer time to grow and adapt before they can play important roles in the first team, but the chance will come sooner or later because the squad is evolving every year.”
He expressed hope that this summer would require fewer new signings as many players in the current squad have developed well enough to take on more important roles. However, Lopetegui recently voiced his concerns about the recruitment plans at Wolves and warned supporters of further departures.
In an interview with Spanish football journalist Guillem Balague, Lopetegui stated, “We lost a lot of players, and we think the club wants to sell more players.” He emphasized the need for new signings to balance the squad and remain competitive in the Premier League.
Despite these concerns, Shi praised Lopetegui for his excellent work since joining the club in November 2022. He acknowledged the challenging circumstances under which Lopetegui and his team were hired and commended them for meeting their objectives. Shi stated that they are now working hard to prepare for the upcoming campaign alongside the players and support staff.
Wolves will kick off their 2023-24 Premier League season with an away match against Manchester United on August 14th.
In conclusion, Wolverhampton Wanderers chairman Jeff Shi has denied any plans to sell the club and reaffirmed Fosun’s commitment to the future. Despite facing financial constraints and frustrations in the transfer window, Wolves are determined to comply with FFP regulations and continue building for the long term. The club’s head coach, Julen Lopetegui, has expressed concerns about recruitment plans but has been praised for his excellent work. Wolves fans can look forward to the upcoming season with optimism as the team prepares for their opening match against Manchester United.