Departing Wolves owner "passes the baton on" as he exits Molineux
THE outgoing owner of Wolverhampton Wanderers Steve Morgan has written an open letter to the club’s fans after the sale of the Championship football club completed this morning.
The deal sees Chinese investment group Fosun International take over at the Black Country club.
Mr Morgan announced last September that he was looking to sell the club, which he had bought in 2007 for £10, on the condition he would then invest £30m.
After nearly a decade at Wolverhampton Wanderers, Mr Morgan addressed fans in an open letter, reminiscing on his time at the club as well as discussing the terms of the deal.
“My nine years at the Club have been an honour and a privilege that I will never forget,” he said.
“Sir Jack [Hayward] stated at the time that he was passing on the baton of ownership of this great Club to me and now it is my turn to pass on that baton to Fosun International Group.”
Mr Morgan’s nine seasons running the club has seen two promotions and two relegations, and included a three-year spell in the Premier League. However he is adamant that off-the-field there has been sustained progress that lays the foundation for a strong future.
He said: “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. A mish-mash of short term leases, which were leaving the Club in an unstable situation, are now sorted out.
“We have a state of the art Academy, indoor arena and training facility and, more importantly, we have an incredibly strong group of home-grown talent who will develop and play in the First Team in the years to come.”
He said the deal would see Fosun invest in the club over the next two years and continue the support of a charitable organisation.
He added: “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 £20-£30m over the next two years into the Club. They have also agreed to maintain our local charitable work by continuing to financially support Wolves Aid for at least one year.
“I’d like to sincerely thank Fosun, particularly Jeff Shi and his team. They have a lot to look forward to and I know they are fiercely determined to help take the Club to new heights. I am confident that with Fosun, the Club is in very good hands.”
