The growing Chinese presence in English football has been strengthened by the acquistion of Wolves by Chinese conglomerate Fosun heded by Guo Guangchang. The group has leisure and entertainment interests around the world.
The growing Chinese presence in English football has been strengthened by the acquistion of Wolves by Chinese conglomerate Fosun heded by Guo Guangchang. The group has leisure and entertainment interests around the world.
Mr Guo is sometimes referred to as ‘China’s Warren Buffett.’ Like Mr Buffett, he has used insurance group cash flows to fund acquisitions. Clearly he thinks that he can achieve his goal of getting Wolves back into the Premier League. Even so, it is a less glamorous brand than Club Med or Cirque de Soleil in which Fosun has invested.
Mr Guo was at the centre of a media firestorm in December when he disappeared for several days to help the police in an investigation that did not concern his company. He was asked to clarify his relationship with a former Shanghai vice-mayor who is at the centre of a corruption probe. Mr Guo was released and has not been charged with any wrongdoing.
The purchase price is thought to be around £30m, although some reports suggest that is £45m. The new owners have pledged to invest £20m – £30m over the next two years.