Home News Wolves chairman Shi says Chinese owners Fosun are committed to the club

Wolves chairman Shi says Chinese owners Fosun are committed to the club

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Wolverhampton Wanderers chairman, Jeff Shi, recently wrote an open letter to the fans to assure them that the club’s Chinese owners, Fosun, remain committed to achieving success. He emphasized that Fosun has no plans to sell the club, despite finishing 13th in the Premier League last season. Shi acknowledged that the club is a long-term project and holds great importance for Fosun.

Shi expressed gratitude for the owners’ continuous support during challenging times, such as when the club was in the Championship and faced difficulties during the pandemic. He mentioned that the owners share the joy and excitement with every achievement, big or small, made by the club.

To comply with the Premier League’s financial fair play rules, Wolves must exercise caution with their summer spending. The club needs to make a profit on player trading to avoid exceeding the permitted £105 million loss over a three-year period. Despite selling players like Ruben Neves and Raul Jimenez, manager Julen Lopetegui has found it challenging to bring in new signings due to the financial situation.

Shi assured fans that Lopetegui’s hiring occurred during a difficult period, but the 56-year-old manager has done an excellent job and will continue to receive support. Wolves had managed to navigate FFP comfortably before the COVID-19 pandemic, but the subsequent revenue impact and the need to strengthen the squad necessitate a closer focus on financial management.

The chairman pointed out that the club’s spending during the January transfer window unexpectedly affected the summer budget. However, he expressed optimism that proper financial management this summer would offer greater financial freedom in the future, as FFP is based on a rolling season-by-season calculation.

Simon Stone, a sports news commentator, praised Shi for his transparent letter and the clarity it provided on Wolves’ situation. However, he expressed concerns about FFP restrictions and the potential risks for the club, which may impact Lopetegui’s future as manager. Nevertheless, Shi remains hopeful, stating that the club is progressing day by day, learning from challenges, and remaining united as a pack.

Wolves are set to begin their new Premier League campaign against Manchester United on August 14th at Old Trafford. Despite the uncertainties, Shi’s letter aims to reassure the fans and highlight the club’s ongoing commitment to success.

Frequently Asked Questions (FAQs) about Commitment.

What is the main message of Jeff Shi’s open letter to Wolves fans?

The main message of Jeff Shi’s open letter is to assure Wolves fans that the club’s Chinese owners, Fosun, remain committed to achieving success. They have no intention of selling the club and consider it a long-term project.

What are the Financial Fair Play (FFP) rules mentioned in the text?

The Financial Fair Play (FFP) rules are regulations implemented by the Premier League to ensure that clubs operate within their financial means and do not incur excessive losses. Clubs need to make a profit on player trading over a specified period to avoid breaching the allowed financial losses.

How has the COVID-19 pandemic impacted Wolves financially?

The COVID-19 pandemic has impacted Wolves’ revenue, which has led to financial challenges for the club. The reduced income has forced the club to be cautious with its summer spending to adhere to FFP rules.

How has Wolves’ squad been affected in terms of player transfers?

Wolves have sold players like Ruben Neves and Raul Jimenez to meet FFP requirements. Manager Julen Lopetegui has faced difficulties in recruiting new players, resulting in limited incoming signings during the transfer window.

What is the club’s stance on Julen Lopetegui’s position as manager?

The club’s chairman, Jeff Shi, has expressed support for Julen Lopetegui, stating that the 56-year-old manager was hired during a challenging period but has done an excellent job. The club will continue to support him despite the financial situation.

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