Wolves and Fosun plot up to eight transfers

Jeff Shi plans to back Kenny Jackett with up to EIGHT new signings before the end of the current transfer window.

A minimum of £20million will be pumped into the club over the next two years, with even more cash available if necessary.

A host of players look set to arrive before the season starts on August 6.

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Four Portuguese stars - midfielder Pele and winger Helder Costa from Benfica and Monaco forward Ivan Cavaleiro - are all on Wolves' list, as is Atletico Madrid right-back Silvio, with all having links to either Benfica or super-agent Jorge Mendes.

Shi said money was 'not a problem' and that discussions were under way identifying targets.

At a packed press conference yesterday the new board member – who hopes to be Wolves' chairman if given the green light by Fosun – reaffirmed the group's huge financial commitment to the club.

"If we invest into players we should think about (doing it) the smart way," he said.

"Sometimes you spend a lot of money but you cannot get results.

"Steve (Morgan) said £20-£30m was a necessity. But if necessary I hope we can put more.

"The most important thing is to try to find the right player for the right position and improve the club.

"I don't think money is a problem for us but you have to be smart."

Shi met with boss Jackett, recruitment chief Kevin Thelwell and outgoing chief executive Jez Moxey on Sunday to get the ball rolling on bringing quality players to the club. "I had a long talk with Kenny, Kevin and Jez," he added. "We have two weeks before the season and almost five-to-six weeks before the end of August (when the transfer window shuts).

"Before the beginning of the season we will have several players for a very solid first XI.

"After that we have three to four weeks to plan the team more.

"Maybe we will have five to eight players more in the squad. I think we will be more solid and strong to compete in the league.

"We have our own resources and Kevin has his own so we will work very closely together to put all the players in the list.

"We had a long list, now the list is shorter because we are very confident who can come here and who cannot."

Signings have been on hold during the takeover negotiations, which Moxey said had lasted six weeks.

Only goalkeeper Andy Lonergan has been brought in this summer, and Jackett took a host of untried youngsters on the pre-season trip to Ireland last week.

After Saturday's drab goalless draw at Port Vale, Jackett said Wolves' performance proved that new signings were of paramount importance.

And that's a notion Shi certainly agrees with.

He said: "It's better he say something, but I think the same as him, the squad is too small, we need 20 to 25 players to compete.

"I like the young guys here but when the squad is too small you cannot face challenges like injuries, it's a long season.

"For key positions, like striker, left back, left winger, we are short of players. I totally agree the points from Kenny about the squad. I'm working very hard with him to try to give him all the support I can."