Wolves fans orchestrated a powerful demonstration against controversial owners Fosun International during Monday’s 4-1 defeat to Man United, with an update coming to light on the future of the club.
Wolves linked with potential takeover amid torrid campaign
Supporters boycotted the opening 15 minutes of their heavy loss to highlight growing discontent with the Chinese conglomerate’s stewardship, and tensions have now reached boiling point.
The Old Gold Pack supporter group coordinated the protest, urging fellow fans to remain outside Molineux whilst displaying banners demanding change.
Multiple fan organisations, including Wolves 1877 Trust, Talking Wolves and Punjabi Wolves provided backing, describing the demonstration as “peaceful but unmistakable.”
Fosun acquired Wolves for £45 million in 2016, initially delivering impressive progress that even saw the club reach the Europa League quarter-finals under Nuno Espírito Santo.
However, supporters now view recent years as representing ‘managed decline’, with the systematic sale of key players, including Matheus Cunha’s £62.5m departure to United most recently, failing to result in adequate replacements.
The club currently sit rock bottom of the Premier League with two points from 15 games, not to mention zero wins, and are now 13 points adrift from safety.
Rob Edwards has struggled to generate momentum since arriving from Middlesbrough last month, with relegation appearing increasingly inevitable.
Fosun currently value Wolves at north of £350 million, with maligned American businessman, John Textor, previously submitting a ‘surprise’ estimanted £400 million offer (talkSPORT).
This proposal was made up of £150 million cash upfront plus £262.million in shares, though Fosun rejected the approach whilst maintaining the club’s ‘not for sale’ stance.
The ownership group instead seeks minority investment rather than an outright sale, though this stance contradicts supporters’ demands for wholesale change.
Executive chairman Jeff Shi faces particular criticism, with protesters displaying “Shi out” banners throughout Monday’s fixture.
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Financial implications weigh heavily, with relegation potentially costing over £60 million in revenue based on 2023-24 accounts showing a £177.7 million turnover. Historical precedent suggests the club’s value could plummet by £200 million should they drop into the Championship.
Bearing this in mind, a report this week by Football Insider makes sense.
Wolves will be 'forced to accept' cut-price takeover bid
According to their information, Wolves’ owners ‘will be forced to accept a cut-price offer’ if they decide to sell.
Given the club’s woes right now, Fosun’s negotiating position to demand their £350m valuation weakens by each passing day, with the club marooned bottom of the table and staring a drop to the Championship in the face.
However, the noise remains that, for the time being, they’re not interested in selling and only seek minority investment, according to Football Insider.
Wolves are also looking to be active in the January transfer window, even if it could be too little, too late.
Textor is now reportedly ready to make an official approach to buy Derby County instead, but according to former Botafogo president Carlos Augusto Montenegro, Wolves may have dodged a bullet.