Wolves Owners Face £1bn Losses After Thomas Cook Collapse & Could Sell Shares

Fosun International, the Chinese conglomerate who own Wolverhampton Wanderers, are facing losses of around £1bn following the collapse of airline Thomas Cook, which could force them to sell part of the club.

Fosun were the single biggest shareholder in the airline, which collapsed on Monday after failing to raise sufficient funds to continue trading.

According to the Daily Mail, their share in Thomas Cook - around 18% of the business - was once worth £1bn, but that has now completely disappeared, meaning they may need to begin looking for investment from elsewhere.

Wolves are adamant that the collapse will not impact their business, but it is thought that Fosun have now begun to look for investment in the club, and they would be prepared to sell around 20% of the club to raise money.

However, it is noted that this search for investment may not actually be related to the collapse of Thomas Cook. The group are believed to have an overall worth of over £5bn, so it is unlikely that Fosun will desperately need to raise funds immediately.

They had agreed to invest £450m of their fortune to try to save the airline but pulled out as the debts began mounting. Thomas Cook are believed to have owed almost £1.7bn, so Fosun ultimately accepted defeat.

It certainly seems unlikely that these events will have any major impact on Wolves, who have gone from strength to strength under the ownership of Fosun.

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Since Fosun bought the club in 2016, Wolves have transformed from a struggling Championship side to an established Premier League squad, and their seventh-placed finish in the league last season earned them a spot in the Europa League.

However, that European football has worked against Wolves this season. Nuno Espirito Santo's side have struggled to balance it with domestic football, and they currently sit 19th in the Premier League table, having so far failed to win a game.