Newly promoted Premier League side Wolverhampton Wanderers has announced record half-year profits of almost £800m.
Owners of the club, Fosun, who bought by the group for £30m two years ago, has hailed the club’s success on the pitch after winning the Football League Championship in May.
Fosun, founded in 1992 by current chairman Guo Guangchang and four partners, splits its operations across divisions called health, wealth and happiness and has seen profits rise across all three this year as it continued on the takeover trail, acquiring a string of new businesses.
The Fosun group took in revenues of £5bn over the first six months of this year – 20% up from the corresponding period last year.
A statement from the club said: “Since Fosun’s investment, Wolves has successfully collaborated with many of the group’s other consumer facing products, including Tsingtao Brewery, Club Med and Thomas Cook on marketing and sales strategy worldwide.”