Jeff Shi faces further embarrassment after bold Wolves prediction backfires
Wolves’ executive chairman Jeff Shi is facing further embarrassment after his bold pre-season predictions have immediately backfired.
Shi, along with the whole Fosun ownership group, is suffering criticism from supporters after a difficult summer window for the club.
Wolves issues have continued into the Premier League season, with the Old Gold sitting bottom of the table after five games, without a single point.
Despite the abysmal start, Vitor Pereira was handed a new three-year contract last week, in a move which has caused a lot of confusion among the fanbase.
Jeff Shi’s comments from the summer have instantly backfired
During the summer, Shi spoke openly about his ambitions for Wolves and how the club was aiming to challenge at the top of the Premier League.
Speaking on the Business of Sport podcast, the club chairman said: “People should understand that we are very ambitious. We are not content with just staying in the league, and we are not content with just being a mid-table club.”
Following the close of the transfer window, Shi doubled down on his bold claims, saying that Wolves wanted European football and trophies
He said: “We want to compete in the league, we want to be strong. If we can get back into Europe again, then of course we want to do that. Last season, Palace won the FA Cup, and we should try to learn from them.
“Getting back in Europe and winning some trophies is what we should be thinking about.”
Shi’s comments and ambitions are already looking ludicrous given Wolves’ woeful start to the campaign, and show that the hierarchy at the club are out of touch with the reality of the situation.
Wolves could finally slip through relegation trap door
Over the summer, Wolves lost Matheus Cunha to Manchester United for a fee of £62.5million, before seeing Rayan Ait-Nouri move to Manchester City for a package worth £36.3m.
Pereira’s side also sold Fabio Silva and Goncalo Guedes for a combined total of just over £20m, meaning they made around £120m in player sales overall.
| Player | Fee* |
| Jorgen Strand Larsen | £23m |
| Tolu Arokodare | £22.5m |
| Fer Lopez | £19m |
| Jhon Arias | £15m |
| Jackson Tchatchoua | £10m |
| David Møller Wolfe | £10m |
| Overall Spend | £99.5m |
However, Wolves spent just £100m on new signings, so they actually made a profit, at a time when they needed to invest more heavily into their squad.
The Midlands side have been flirting with Premier League relegation in recent seasons and their cautious transfer window, along with the quality of the promoted clubs, could see them finally subjected to the drop.
Shi has been bold in interviews, but has failed to back that up with tangible actions, and with the likes of Sunderland and Leeds starting the campaign quickly, it was the worst time for Wolves to take their eye off the ball.