Steve Morgan: Fosun's £100m Wolves promise sealed deal

The Chinese conglomerate took over from Morgan in July 2016, for £30million. And he says their commitment to invest £100m into the club sealed the deal.

Morgan told The Athletic: “They weren’t the first ones to come along. There were plenty of others.

“But we’ve all seen what happens to clubs who get purchased by people who haven’t got pockets deep enough to support it – Bolton Wanderers is a classic example.

“I turned down a lot of interest in the club, from people who I didn’t think were the right custodians.

“When Fosun came along, it seemed like the Chinese were taking over the Premier League – virtually all the clubs in the Midlands being Chinese-owned.

“Fosun weren’t even the first Chinese party that approached us but, again, the first one was a consortium of God knows how many businessmen – and I don’t think those things ever work.

“You need somebody who is decision-making and has deep pockets, and Fosun are a huge conglomerate.

“They came along and committed to putting money into the club.”

Morgan bought Wolves from the late Sir Jack Hayward for just £10 in 2007, on the condition he would inject £30m into the club. After eight years, five managers, two promotions and two relegations, he put the club on the market in September 2015.

And Morgan has now admitted Wolves’ 1-1 draw at Preston a few days prior, which saw him confronted by fans ‘before and after the game’, was the ‘final straw’.

“There was separate incidents before and after the game,” said Morgan.

“I’d not long been going out with Sally, who is now my wife, and some of the things said in front of her and who is now my stepson, who was four at the time, I thought ‘I am not exposing them to this’. Enough is enough and that was the final straw.

“Also, I’d had a good run – eight years at the club. Was it time to give someone else a shout? I think as events have shown, it probably was.

“Nobody is more delighted than me, what’s happened to Wolves over the last two or three seasons.”

Under Fosun, Wolves have made it to the Premier League and Europa League, while Morgan has been spotted in the directors’ box several times over the past few years.

“I said all I ever wanted for the club – I could have sold it for a lot more than I did – was the same thing Jack did with me,” added Morgan.

“I wanted somebody to come along, put the money into the club and take it forward. Fosun agreed to put £100m in and have subsequently put a lot more in, which I’m pleased to say.

“I would not have done that deal for Fosun had they not legally committed to putting the money in. I didn’t want any more than I paid for it, out of respect for Sir Jack.”