Chinese owners of Wolverhampton Wanderers are looking for new investors for the club, but insist they will not accept any takeover offer, but their main business is under financial pressure, according to the latest report by Martyn Ziegler, chief reporter of the Times.
Fosun International, a China-based multinational conglomerate, is reportedly selling assets worth more than 2 billion pounds to cope with growing debt.
Sources from the US investment market told the Times that Wolves have been looking for new investors, which has now been confirmed, but the club insists Fosun has no intention of selling.
A Wolves spokesman said: “the football club is not for sale and the ownership of the club will not accept the offer for sale.”
Wolves’ recent accounts show that they made a profit of 18.3 million pounds in the year to May 2021, but since then the club has used loans to mortgage future transfer fees, as do several other Premiership clubs.
News in March revealed that Wolves had secured a loan from Macquarie Bank for the £6.7 million owed by Tottenham Hotspur to Matt Dougherty in 2020.
In December 2021, Wolves received 23 million pounds from Macquarie, the last two payments Liverpool made for Diogo Rota.