Wolverhampton Wanderers is now officially in Chinese ownership, after the West Midlands soccer club's sale on Thursday to investment conglomerate Fosun International Ltd for 45 million pounds ($59.7 million).

The sale transferred 100 percent ownership of the club, commonly known as Wolves, and all its assets from former owner Steve Morgan and his Bridgemere Group to Fosun headed by its chairman, billionaire Guo Guangchang.

"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," said Jeff Shi, who led the negotiations on behalf of Fosun and will become the club's representative and board member. "Soccer is enjoying a huge growth in China. As part of our strategy, it makes perfect sense to buy a great soccer club."