Jeff Shi: Wolves director named chairman after Fosun International approval

Jeff Shi is the board with local businessmen and Wolves supporters John Bowater and John Gough

Wolves have named club director Jeff Shi as chairman after approval from the club's Chinese owners Fosun International.

Shi, a representative of Fosun, will move to the West Midlands next month to be involved on a "day-to-day basis".

He led negotiations on behalf of Fosun, which led to their £45m takeover of Wolves from Steve Morgan in July 2016.

"I think this will help us to work together even closer, and make our leadership team stronger," said Shi.

"Since Fosun became owners of the club, I have travelled over from China on several occasions, and it has always been a strong intention that I would relocate when the time was right.

"Despite the season having its highs and lows, I have enjoyed every minute of the challenge so far, and I believe we are well placed to make sustained and consistent progress over the next 12 months."

Wolves, who finished 15th in the Championship last season, have had four managers in less than a year under Fosun, with former Porto and Valencia boss Nuno Espirito Santo appointed last month.