Chinese conglomerate Fosun International led by billionaire Guo Guangchang has acquired English football club Wolverhampton Wanderers.

Fosun acquired the English championship side for estimated £45m ($59 million), BBC reported. The deal gives Chinese conglomerate 100 percent ownership of club's shares and assets, which will be transferred from previous owner Steve Morgan.       

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Nicknamed as Wolves, Wolverhampton Wanderers plays in England's second division league, known as English League Championship.  The club finished 14^th place in the league last season. Wolves is a second China-owned championship club after Aston Villa was acquired by Chinese businessman Dr Tony Xia earlier this year.     

The entire deal was led by Jeff Shi, who is in charge of Foyo Culture and Entertainment Co Ltd, one of Fosun's subsidiaries. Jeff Shi will be company's representative in club's new board of member team. The outgoing owner Steve Morgan will serve as club's chief executive for the club's next three months, while current Chief executive Jez Moxey will step down after 16 years of service.             

"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," Jeff Shi told the club's official website. "We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves."

In an open letter to his supporter, Steve Morgan said Fosun has vowed to invest from £20-£30m ($26-$39m) into the club in next two to three years.

TagsFosun Internationa, Wolverhampton Wanderers, Wolves Football Club, china, Guo Guangchang