Wolves are in a state of terminal decline - Fosun need to sell before it's too late

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From the outside, the complaints around the current state of Wolverhampton Wanderers may feel a little fickle - allowing for the fact they've taken just two points from their opening 12 games.

After all, prior to Fosun’s arrival at Molineux in 2016, Wolves had spent just four of the previous 32 seasons in England’s top flight. That period also included spells in the bottom tier as well as two different trips to the third.

Since the Chinese conglomerate purchased the club from Steve Morgan, they have spent eight consecutive seasons in the Premier League - and returned to Europe for the first time in a generation. But make no mistake, Wolves are in a state of terminal decline.

They have finished in the bottom half four of the last five seasons, with their current campaign on course to be worse than anything we have ever seen. Relegation is effectively confirmed before the start of December, with Derby’s infamous record of 11 points truly in play.

“You’ve sold the team, now sell the club,” despondent Wolves fans pleaded as Crystal Palace condemned them to their 10th league defeat of the season.

Ever since their solitary European campaign ended in 2020, Wolves have transformed from ambitious upstarts, to a football club with the sole intention of remaining in the division.

Fosun seem to want it that way. Self-sustainability has become a buzz word for an ownership group who have effectively turned off the tap when it comes to investment.

Yes, money is still being spent on transfers, but much of those funds come from the constant churn of their best players. The list of stars that have left Molineux in recent years continues to grow, with their replacements increasingly unable to step up to the mark.

Ruben Neves, Diogo Jota, Joao Moutinho, Raul Jimenez, Max Kilman, Nelson Semedo, Rayan Ait-Nouri, Pedro Neto, Adama Traore, Morgan Gibbs-White, Matheus Cunha and Matheus Nunes have all left the club in recent years.

Wolves have essentially become a case study of how often you can sell your best players, replace them with inferior ones and remain in the Premier League. The emphatic answer will be eight seasons.

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Nuno Espirito Santo - the only successful appointment of the Fosun era - was the first manager to point out the need for extra reinforcements, it was ultimately decided he would be moved on. Next was Bruno Lage, who started out well before seeing his wings clipped by a lack of investment.

Julen Lopetegui walked out on the eve of the season because he felt his squad weren’t up to it. Rather than accept that reality, compensation was paid and Gary O’Neil was hired.

He also started well, but by the time his exit was confirmed he was bemoaning that goals were being conceded that no other Premier League team would allow. By sheer weight of personality, Vitor Pereira kept Wolves up last season, but he was ready to throw in the towel before the start of the season…he didn’t last much longer.

Rob Edwards is the latest manager forced to front up to the media and attempt to get the most out of a squad miles away from their Premier League counterparts.

There’s perhaps a reason that Fosun and the executive chairman Jeff Shi, shy away from interviews. When they do go public, it tends to end disastrously.

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“If you only pursue trophies or consistent European football, Wolves might not be an ideal choice,” Shi said in an open letter to supporters in 2024.

It has now reached the stage that if fans want to pursue wins or possibly a goal, Wolves might not be an ideal choice either. Shi spoke positively about the latest transfer window, which has resulted in what could end the season as the worst Premier League team of all time.

There is a distinct lack of clarity when it comes to the plan. First it was Jorge Mendes, then it was Matt Hobbs looking to exploit the South American market. Then it was a case of passing the keys to Pereira and Domenico Teti, both of whom were unemployed less than two months after their only summer window closed.

But it is far more than just the on-field product. Season ticket prices have been hiked, while the overall experience continues to decline.

Steve Morgan had his issues, under his stewardship Wanderers dropped to League One, but while he unable to ever match the riches of his Premier League rivals, he appeared to deeply care about Wolves. He invested in a state of the art new training ground, he wanted to develop the stadium - although ultimately, relegation curtailed that dream.

Fosun meanwhile have left no lasting impression on the football club. If they were to leave tomorrow, other than being a Premier League entity, there is no lasting footprint.

Molineux has grown increasingly dilapidated, where even a coat of paint on the crumbling exterior feels out of reach.

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There have been discussions about redeveloping the Steve Bull Stand, which in 2025, is barely fit for purpose. Those talks appear centred around adding hospitality areas - and little beyond lip service anyway.

That's all in stark contrast to Midlands neighbours Birmingham City, who last week unveiled hugely ambitious plans to build, not only a 62,000-seater stadium, but a complex that will completely transform an area of the city.

Knighthead Capital accepted that the plans make them look "modest lunatics", but reflect on their future ambitions, rather than current standing. It's a different story in the Black Country and fans are growing increasingly concerned.

“Many supporters feel that Wolves has lost its ambition, identity, and clear sense of purpose both on and off the pitch,” a statement from several supporter groups read earlier this season.

“You have already alienated a significant number of loyal supporters who have been priced out, and appear to show little care or respect for the fanbase. Without swift and meaningful change, you risk further dividing supporters at a time when unity and belief are essential.

“Under Fosun’s early stewardship, the club made great strides in its footballing operations, infrastructure, and community connection - progress that made Wolves a model of pride and ambition. Sadly, we are now witnessing decisions that continue to undermine that vital relationship and diminish the standards that once defined the club.

“As supporters, it feels like Groundhog Day once again. What has happened to us? How has the club declined so much under your stewardship, Jeff? How can the hierarchy repeatedly make the same mistakes and fail to deliver on promises? Why have so many key figures behind the scenes departed without clear explanations?”

Wolves’ time as a Premier League club is already effectively over. But the problems are much worse. This has the sinking feeling that things could get significantly worse once they are away from the limelight and the financial benefits that the top-flight affords.

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