Fosun promise big money for Wolves

Mr Shi is an investment director at the club's new owners, Fosun International.

He and outgoing chief executive Jez Moxey faced a packed room of TV and written media and outlined the vision for the club moving forward.

Asked how much Fosun would spend on new players, he said the capacity for investment "is huge."

He explained: "Any investment into club will not be problem for us. For players we should think about it the smart way.

"We have said we will invest between £20 and £30m over the next two years. That is a necessity and if necessary we can put more money in.

"The most important thing is getting the right players in the right position to help the club. I do not think money is a problem for us."

Mr Moxey also gave an explanation about why he had decided to leave the club.

He said: "I think I have done my bit for Wolves and I am really proud of being recruited by Sir Jack, and was then kept on by Steve, and asked to remain for these years.

"I think my time is done and it is time for someone else."

Mr Moxey told the press conference Kenny Jackett is the club's coach going forward with the full support of Fosun and the club behind him.

Mr Shi, added: "The only focus has been on how to make a deal. We have not thought seriously about the coach. We have not had time to do that."

Mr Shi admitted he had tried to convince Mr Moxey to stay at the club. He said: "I am so sad that you are leaving.

"Many times I have talked to you but that is the reality now. We will try hard to try and move on.

"I am new to the club and I have been thinking about how to improve the club for a long time."

Mr Moxey revealed the club has had 76 expressions of interest in buying the club since it was put up for sale.

Mr Shi was asked about the possibility of the club doing business in the transfer market over the coming weeks.

He's looking to add between five and eight players to the squad. Mr Shi, added: "I had a lot of talks with Kenny and Jez at the weekend about this.

"We have two weeks before the beginning of the season and then three to four weeks before the end of August.

"So we have two time windows. The plan before the beginning of the season is that we will have several players and start to play with a very solid first 11.

"After that we have the three or four weeks to try and strengthen further. In my mind, we will be adding five to eight players to the squad."

Moxey added: "This is a momentous day in the history of Wolverhampton Wanderers Football Club.

"I am delighted to announce 100 percent of share capital has been sold including the club along with all the club's assets.

"The terms of the deal are private and confidential, however, when Steve put the club up for sale he made a point of saying he would not be looking to profiteer.

"I can confirm that has been the case. There is something in the agreement that gets him some money in the event of the club being successful.

"But whatever money is paid to Steve Morgan will go directly to charities."