Shanghai-based Fosun Group has paid £45m for 100% ownership of Wolverhampton Wanderers.
Steve Morgan, who still owns 40% of Redrow, one of Britain’s biggest house-building companies, paid just £10 for the Wolves in 2007. Since then he has invested £30m of his personal fortune into the club.
“My nine years at the Club have been an honour and a privilege that I will never forget,” Mr Morgan said.
Under his ownership, Wolves won the 2008/09 Sky Bet Championship title and then spent three consecutive seasons in the Premier League for the first time in 30 years. His legacy includes improved facilities at both Molineux Stadium and the club’s training ground.
In an open letter, Mr Morgan wrote: “It is the right time to be handing the baton on to someone else to take Wolves forward, and to that end I am delighted to have completed the transfer in ownership to Fosun International Group. Leaving the right legacy is hugely important to me and I am delighted that as part of my deal with Fosun they have made a commitment to invest between £20m-£30m over the next two years into the club”