Fans, Fosun & future - what next for struggling Wolves?

Jeff Shi was appointed executive chairman of Wolves in 2017

Fosun will celebrate a decade in charge of Wolves next year - but they could be marking it in the Championship.

Bottom of the Premier League, winless in their opening nine games and already six points from safety.

They have not won in the top flight for six months and visit Fulham on Saturday when failure to claim three much-needed points would equal last season's 10-game start without success.

Just 39 days since Pereira signed a new three-year contract, supporters sang "sacked in the morning" during Sunday's home defeat by Burnley - the first time they had turned on the former Porto manager after he led them to safety last season.

He urged them to remain united during a heated discussion with fans in the South Bank, but he is not their main target, with owners Fosun and executive chairman Jeff Shi bearing the brunt of the ire.

Fosun's businesses are broken down into health, wealth and happiness - ironically Wolves are in the 'happiness' basket, along with other businesses like pram manufacture Silver Cross and fashion brand Tom Taylor.

Most of their assets are outside of China, with their pharmaceutical companies making cancer drugs, and Wolves are just part of the wider picture.

So what does the future look like for the club and Fosun under the growing threat of relegation?

What are Fosun's plans & do they want to sell?

Fosun do not want to relinquish control and Wolves remain the only English club under Chinese ownership.

Even if they do drop into the Championship for the first time since 2018, selling the club is not something the company are actively considering.

It is understood relegation would not impact Fosun's commitment and the level of backing would remain similar - and selling an asset in the Championship would naturally see a drop in value.

Any suggestions they are giving up on the club would be met with a swift rebuke.

The club would expect to be valued around £500m and it is estimated Fosun have sunk around £250m to £300m in transfers and running costs since taking over.

There is interest and John Textor approached Wolves' executive chairman Shi a month ago with the offer of investment.

There is potential for the American businessman, Crystal Palace's former co-owner, to return and Wolves are open to further discussions, but there is scepticism at Molineux that it will progress to anything more concrete.

Textor's initial offer was not considered attractive and sources suggest the ball is now in his court if he is to come back to the table.

Wolves' ownership looking for investment is not new, with Fosun looking to sell a stake of around 20% worth £50m-100m in 2019.

They have seen minority stakes come and go since then.

Wolves would be open to discussions from serious parties but are not flaunting their availability.

Fan unrest towards the ownership and Shi has been vocal and obvious - and those in charge recognise it is near impossible to change supporter opinion once it has turned.

Supporters snapped during the first half against Burnley, before Wolves came back from 2-0 down to go into the break level, only to concede a last-minute winner.

"You've sold the team, now sell the club," came one of the chants, with more anger directed at Shi.

Fosun will not bow to pure fan pressure, but they would also be wrong not to listen.

The owners, who bought Wolves for £45m in 2016 with a commitment to invest between £20m and £30m in the first two years of their ownership, have looked to curb spending in recent years.

They have never pulled up the financial drawbridge completely, though, despite Shi saying six years ago it was important not to be completely reliant on Fosun.

Reducing the spending and wage bill was a conscious plan, having spent big previously with varying degrees of success.

Matheus Nunes arrived from Sporting for £38m, although he flattered to deceive before a £53m move to Manchester City two years ago, while Brazil forward Matheus Cunha's £43m transfer from Atletico Madrid remains a club record.

Yet there is now a more conservative transfer plan, Jorgen Strand Larsen's £23m move from Celta Vigo after last season's successful loan spell, and the £26m committed for versatile midfielder Ladislav Krecji the highest numbers in the summer.

Wages have also dropped, Nelson Semedo, Raul Jimenez and Joao Moutinho were all on over £100,000-a-week, while the club was burned with Pablo Sarabia arriving under Julen Lopetegui in 2023 as one of their highest earners but unable to command a regular place before he left in June.

Wolves have previously overpaid and Fosun want a sustainable model. There may be a direct correlation between wage budget and league position, but the hard work is then finding better players for better prices.

They will spend again in January, although not drastically, and the evolution of the squad is seen as a new cycle after a lavish outlay.

Part of that new phase came in June when Matt Hobbs left as sporting director and was replaced by Domenico Teti, someone who worked with Pereira at Al-Shabab in Saudi Arabia.

It disrupted the summer a little, but Wolves feel they have their executive level right.

What about Pereira's position?

Vitor Pereira spoke to Wolves fans after Sunday's defeat to Burnley

There is a huge reluctance to sack Pereira.

After four managers in the last four years - five if you count Steve Davis' eight-game interim tenure before Lopetegui's 2022 arrival - Wolves are looking for consistency.

Of course, the struggles cannot continue indefinitely, but Pereira retains the faith of the board and players before the trip to Craven Cottage.

Wolves kept hold of O'Neil for too long, something that has been accepted, and while eager to avoid making similar mistakes, they are not ready to fire Pereira.

The 57-year-old was nominated for the Premier League Manager of the Year award last season, winning six successive games between March and April - the club's best top-flight run since 1970 - and will be given more time to revive their fortunes.

There was frustration from him that players arrived late in the window, having lost significant Premier League experience with the departures of Rayan Ait-Nouri, Semedo and Cunha, whose sale to Manchester United also left a 15-goal gap in the squad.

None of the five new senior signings had top-flight experience and there will be a change of future direction as Wolves look to add more homegrown players.

Pereira has made an effort to understand the city and the fans - drinking with them after victories last season and coining the phrase, 'first the points, then the pints' - and misses the bond he shared last season.

But only wins will repair the relationship.

"Of course," he said on Friday about missing the pub trips. "If I'm happy I like to go in the pub and drink my beer. If I'm not happy I stay at home trying to find solutions.

"Day by day my work is to find solutions to try to help my team and players and the people in the club are doing the same.

"They are trying to be connected, united to face this difficult moment of the season."