Fosun International representative Jeff Shi has backed Wolves boss Kenny Jackett and promised to splash the cash to build a bigger squad.
The investment group, which has links with Jose Mourinho and Cristiano Ronaldo’s agent Jorge Mendes, was reportedly in talks with newly appointed Spain boss Julen Lopetegui as a potential replacement for Jackett.
But Shi is keen to support the former Millwall boss as he bids to improve on Wolves’ 14th-placed finish in the Sky Bet Championship last season.
Speaking at a press conference on Monday, Shi said: “I’m trying to give him all the support I can. We share the same opinions. I think the squad is too small. If necessary we can put more (than £30m) in.
“Before the takeover my only focus was on the deal. I had two meetings with Kenny, only talking about the squad.
“We have a very good structure and academy, history and legacy and very good fans. We just need to put money into the club for better players.
“We have five to six weeks, we want several players. Maybe five to eight players. We had a long list of players. Now the list is shorter, we’re confident about who can come here and who can’t.”
Chief executive Jez Moxey, who will leave his role in three months’ time, echoed Shi’s sentiments.
He believes the club should be proud of their achievements during his 16-year tenure, which has seen Wolves win promotion to the Premier League twice.
“Kenny is the coach going forward,” he added.
“When we went to the Football League, they talked about: ‘it’s nice to see a club being sold by a stable owner to someone not in distress’.
“It’s an incredible Chinese company with huge resources and real experience of investing in Europe.
“I think I’ve done my bit for Wolves. My job’s done, it’s time for somebody else. After 16 years it’s time to go out on a high and pass on this club.”