Thursday 21 July 2016 17:11, UK
Wolves have confirmed the club has been bought by Chinese investment group Fosun International.
The deal with previous owner Steve Morgan is understood to be worth about £45m and was announced on Thursday on the club website.
Fosun, one of the largest investment groups in China, has pledged to invest £20m to £30m in Wolves during the next two years and to take the West Midlanders back into the Premier League as soon as possible.
The group's chairman, Guo Guangchang, is one of China's 20 richest men, worth in excess of £3.7bn. The group has stakes in companies across the world including Club Med, Cirque du Soleil and Thomas Cook.
It also has links with super-agent Jorge Mendes who represents Jose Mourinho and Cristiano Ronaldo.
Wolves chief executive Jez Moxey will stand down after 16 years at Molineux but will stay for three months to help the transition to the new board.
"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," Fosun representative Jeff Shi said in a statement on the club website.
"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves.
"During our conversations Steve's great passion and vision for the club and Wolverhampton were very clear and we feel privileged to pick up the baton from him.
"And also to Jez Moxey for his tremendous contribution to Wolves. We are sad to see him leave.
"We would also like to thank the hugely loyal and passionate Wolves supporters, and all the club staff. We hope they will be pleased with, and supportive of, our exciting plans for Wolves.
"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.
"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.
"We can't wait to get started on the exciting times ahead and look forward to a long and ultimately successful ownership of Wolves."
In an open letter to Wolves fans Morgan added: "Although Wolves will start the new season exactly where I inherited it nine years ago, the club's infrastructure is in a significantly stronger position.
"Wolves is officially acknowledged as one of the finest academies in the country and this is an achievement which makes me feel very proud.
"Together I believe we have created outstanding foundations on which the club will benefit for decades to come.
"It is the right time to be handing the baton on to someone else to take Wolves forward."
The future of manager Kenny Jackett, who is currently in Ireland with the squad, is still uncertain.
The 54-year-old is understood to have told the team earlier this month that the takeover was going ahead and he had been given no assurances over his future.
Wolves finished last season 14th in the Championship, their second season back in the division after winning Sky Bet League One in 2014.
