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English soccer club Wolves bought by China’s Fosun group

Wolverhampton Wanderers v Derby County - Sky Bet Championship

WOLVERHAMPTON, ENGLAND - FEBRUARY 27: George Saville of Wolverhampton Wanderers celebrates scoring their first goal during the Sky Bet Championship match between Wolverhampton Wanderers and Derby County at Molineux on February 27, 2016 in Wolverhampton, United Kingdom. (Photo by Tony Marshall/Getty Images)

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WOLVERHAMPTON, England (AP) English second-tier club Wolverhampton Wanderers has become China’s latest soccer investment.

The Fosun conglomerate that owns Club Med and other businesses in Europe and the United States has bought Wolves from Englishman Steve Morgan. Fosun is chaired by Guo Guangchang, who is one of China’s leading entrepreneurs.

In the last year, Chinese investors have also bought Italian club Inter Milan and 13 percent of Manchester City.

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Fosun representative Jeff Shi says “football is enjoying a huge growth in China ... it makes perfect sense to buy a great football club.”

Wolves have an illustrious history, winning the English topflight three times in the 1950s. But the central England club’s last major trophy was the 1980 League Cup and it has not been in the Premier League since 2012.