Wolves sold: £30m Fosun International takeover deal is complete as Jez Moxey steps down

China-based Fosun International has bought the club from Steve Morgan and his Bridgemere investment company in a deal which has now been fully ratified by the English Football League.

Morgan is selling Wolves for £30m and pledging to hand part of that sum to charity if the club are promoted.

The sale figure is significantly lower than the £45m widely reported.

Sources close to the sale suggest that if Wolves are promoted he will donate "a substantial part" of the sale figure will go to charity.

• Fosun International buys Wolves from Steve Morgan for £30 million

• Club will now have one of the richest owners in the country

• Jez Moxey steps down as CEO after 16 years

• Kenny Jackett expected to depart in coming days

Jeff Shi, assigned to Wolves as a representative of Fosun, and Moxey are set to attend a press conference on Monday.

Shi said: "We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves.

"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves.

"During our conversations Steve's great passion and vision for the Club and Wolverhampton was very clear and we feel privileged to pick up the baton from him.

"Also to Jez Moxey for his tremendous contribution to Wolves. We are sad to see him leave.

"But, after 16 years of loyal service, we understand why he has chosen this moment as the right time to move on and we wish him well.

"We would also like to thank the hugely loyal and passionate Wolves supporters, and all the Club staff, for their patience whilst our discussions were ongoing.

"We hope they will be pleased with, and supportive of, our exciting plans for Wolves.

"Football is enjoying a huge growth in China and, of course, is England's national sport. As part of our strategy, it makes perfect sense to buy a great football club.

"Our goal is crystal clear - we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there.

"We believe the club and the fans belong at the top of English football and getting there is our first and top priority.

"However, we will continue to develop and enhance Wolves Academy and to create more and more young talent for the first team and to keep it as one of the very best in football.

"We also understand the importance of the club's role within Wolverhampton and the surrounding communities and that's something we are determined to continue.

"We are fully aware that achieving success for Wolves will not be easy. It will take hard work, resources, determination and togetherness.

"We will work with everyone who supports Wolves to help create a bright future for this great club.

"We can't wait to get started on the exciting times ahead and look forward to a long and ultimately successful ownership of Wolves."

The law firm Squire Patton Boggs, which advised Bridgemere and Mr Morgan, also acted for Randy Lerner when Aston Villa was sold to Chinese conglomerate Recon Group, owned by Dr Tony Xia.

Commenting on the Wolves sale, law firm partner David Hull said: "We are delighted to act once again for a leading, and historic, football club on a major cross-border investment.

"We have been seeing continued and unprecedented interest in English football among overseas buyers, particularly from Asia-Pacific where the sport is expanding at an exciting pace."

Squire Patton Boggs has advised Bridgemere UK plc and Mr. Steve Morgan OBE, shareholders of Wolverhampton Wanderers FC, on the sale of the club to Fosun International Ltd.

Established in 1877, the club which became Wolverhampton Wanderers FC (familiarly known as Wolves) in 1879 has had a distinguished history. Wolves was one of the 12 founders of the Football League in 1888, and over the years has amassed four FA (Football Association) Cup trophies and 10 league titles. Currently in the Championship, the club has been owned by Mr. Morgan, Chairman of Bridgemere UK plc, the investment and development group, and Chairman of Redrow plc, one of the UK's leading housebuilders, since 2007.

Fosun International is a Shanghai-based global investment group, which has some 50 projects worldwide, including investments such as Club Med, Cirque Du Soleil, Folli Follie and Studio 8. In the UK it is particularly known for its investment in luxury nursey brand Silver Cross and international travel company Thomas Cook.

The team advising Bridgemere UK plc and Mr Morgan was led by Corporate partner and football M&A expert David Hull, assisted by corporate senior associate Mark Yeo, together with tax and property lawyers in the UK and also from the firm's Beijing office.

This transaction follows closely on the sale last month of Aston Villa FC, where Squire Patton Boggs acted for former owner and long-standing client Randy Lerner. Championship club Aston Villa was sold to the Chinese conglomerate Recon Group, owned by Dr Tony Xia. Established in 1874, Aston Villa was also one of the founding members of the Football League in 1888 and is a seven-times winner of the FA Cup.

Advising on the sale of Aston Villa, which completed in June after English Football League approval, was a team led by Corporate partner James McKay and senior associate Mark Yeo. Squire Patton Boggs led by partner David Hull had previously acted for the Shareholders of Aston villa on the recommended take-over of Aston Villa to RAL, backed by Randy Lerner in 2006.

Commenting on the Wolves sale, partner David Hull said: "We are delighted to act once again for a leading, and historic, football club on a major cross-border investment. We have been seeing continued and unprecedented interest in English football among overseas buyers, particularly from Asia-Pacific where the sport is expanding at an exciting pace."

The purchases of Wolverhampton Wanderers and Aston Villa follow on from the sale in January 2015 of Sheffield Wednesday FC, where the Squire Patton Boggs sports M&A team led by David Hull acted for owner Milan Mandaric on the sale of the club to Dejphon Chansiri, a Thai businessman and member of the family controlling the Thai Union Group. The firm also acted for Mr. Mandaric on his purchase of Sheffield Wednesday in December 2010, and prior to that on the sale by Mr. Mandaric of Leicester City FC in August 2010. In July 2013 the Squire Patton Boggs team acted for Shahid Khan in his purchase of Fulham FC, and other recent work has included advising Thaksin Shinawatra, former Prime Minister of Thailand, on the recommended takeover of Manchester City FC, and also that club's later sale to the Abu Dhabi royal family. The team also advised Venkateshwara Hatcheries on the acquisition of Blackburn Rovers FC.

Partner Stephen Sampson, head of the firm's Sports Industry Group, added: "Once again the corporate and regulatory specialists in our international sports industry group have done an outstanding job in advising on two major transactions in as many months, and getting the all-important league approvals that delay or curtail other transactions. There are a limited number of prestige football clubs in England and, through the work of David Hull, Mark Yeo, James McKay, James Ferrow and others, our firm plays a leading role in the M&A market for these clubs, whether representing club owners or buyers."