Wolves senior figure quits as new hire heads in, official paperwork filed
Wolves have confirmed the departure of former executive chairman Jeff Shi as part of their ownership group’s boardroom reshuffle.
As per a Companies House submission on Friday (2 January), it has been revealed Shi has seen his role as a director officially terminated at Molineux.
Wolves fans protested against Shi and Fosun International – the Chinese conglomerate that owns the club – in their 4-1 defeat against Manchester United last month.
Shi will remain chairman and chief executive of Fosun, but he will have no operational duties associated with the West Midlands giants.
A further Companies House submission on Friday has revealed Nathan Shi, who has been appointed as Wolves’ interim executive chairman, has been confirmed as a new director at Molineux.
How Wolves are expected to operate in January transfer window revealed
Wolves’ leadership change comes at a time when the club are facing major issues on the pitch.
Rob Edwards is facing an uphill battle to turn their fortunes around after being appointed as the new manager in November.
Wolves drew 1-1 against Man United on Tuesday (30 December), but that was just their third point of the campaign, leaving them 15 points from safety after 19 games.
There has been speculation around whether Wolves could sack Edwards following his challenging start to life at Molineux since arriving from Middlesbrough.
The Premier League strugglers have a difficult decision to make around their intentions for the January transfer window, with relegation looking all but certain.
Wolves are expected to sell players this month to boost their financial situation in preparation for the likelihood of them being relegated to the Championship.
How much money could Wolves lose after Premier League relegation?
Relegation from the Premier League would come as a major blow to Wolves and their ownership group.
Football Insider revealed in December Wolves will lose more than £60million in revenue if they are unable to remain in the top flight this season.
The club’s latest published accounts for 2023-24 revealed their revenue stood at £177.7m.
Meanwhile, there has been talk around a potential takeover deal at Molineux over the past few months, with Fosun looking for between £350-400m to sell up.
However, Football Insider revealed in November Wolves’ value could drop by more than £200m if they are relegated this season.
Edwards’s side are now preparing to face fellow strugglers West Ham at Molineux on Saturday (3 January).
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