Wolves comment: Accounts show ambition under Fosun

A £19.96million profit for the year ended May 2019 makes for good reading, of course, especially on the back of a £57m loss in 2018.

The rising debts are more alarming, but the bulk owed is to club owners Fosun – and the mood behind the scenes at Molineux is relaxed. Calm but determined, you could say.

After all, aside from the figures, a few lines from Wolves’ ‘review of developments and future prospects’ section highlight their bold ambition moving forward.

But the key line in the document jumps out: “Going forward, the aim for the club is to establish themselves as strong contenders for qualification to European club competition year-on-year”.

They also stated that “strategic enhancements” will be made to both the first team and academy.

The directors, meanwhile, will “continuously improve the group” and “consider the prospects for the company to be excellent”.

So, while Nuno Espirito Santo and his players have been vehement in their game-by-game philosophy and are unlikely to veer from it anytime soon, Wolves have confirmed they are intent on ensuring last season was not a one-off.

They want to carry on finishing high up in the Premier League table and, as a result, qualify for Europe.

It may not be the most shocking revelation ever – Wolves’ spending under Fosun over the past few years has shown they are not short of ambition.

However, what was suspected by many has now been admitted.

It is all about making the club a genuine force – both domestically and continentally – even though Nuno, understandably, is always reluctant to speak about future targets.

There is cause for supporters to be excited, even with £210m owed to creditors (£130m of that to Fosun).

Fosun, ultimately, are in no immediate rush to have their money back – they have “no intention of calling the loans due to them for at least a period of the next 12 months”.

The club’s owners also intend “to continue to make” such funds available to Wolves.

As things on the pitch progress at a rapid rate, it appears everything is moving along nicely off it.

Costs, inevitably, will have gone up for the club this season – but success in the Europa League, being in the last 32 now, should alleviate them considerably.

You would be hard-pressed to find somebody who has not enjoyed this campaign’s European journey.

And having taken a hefty bite, they want more.

Of course, there are still some questions about Wolves’ future that could do with answering.

Former managing director Laurie Dalrymple left the club last summer, piling more work on chairman Jeff Shi and marketing manager Russell Jones.

The departure of sporting director Kevin Thelwell this work this month has added to the pair’s workload further, too.

Nuno has been the subject of contract talk over the past week or so, as well.

But with 16 months left on it, he is not worried.

Neither are Fosun as the summer steadily approaches.

Pulling their weight in the Premier League and not shy to say they want to thrive in the top flight, things are going well – putting it mildly.

They plan to achieve their goals through “continued application of the footballing philosophy applied throughout the 2018/19 season, supported by strategic alignment of the wider business, ensuring the business is consistent in its belief and application of the spirit and values established”.

Basically, Wolves want more of the same and Fosun intend to do everything they can for the club to enjoy sustained success, while financially stable, over the coming years. You cannot argue with that.