Wolverhampton Wanderers: Kenny Jackett to stay as head coach under new owners

Jeff Shi (left) and Jez Moxey (right)
Jeff Shi (left) said he is not putting a time scale on finding a replacement for chief executive Jez Moxey (right)

Kenny Jackett will remain as head coach of Championship club Wolves and be given significant funding to bring in players by the new owners.

Julen Lopetegui was tipped to take over at Molineux before he became Spain boss and Fosun International completed their £45m takeover on Thursday.

But outgoing chief executive Jez Moxey said Jackett, who has been in charge since 2013, had the board's support.

"He's got an opportunity to bring great success to the club," Moxey said.

"These guys [Fosun] are in it for the long term and the fans are going to be delighted - there are exciting times ahead."

Speculation over Jackett's future had lingered since Wolves' disappointing campaign last season that saw them finish 14th in the Championship table, 16 points adrift of the play-off places and 18 clear of the relegation zone.

That debate intensified during Fosun's negotiations to buy Wolves and ex-Barcelona goalkeeper Lopetegui was seen as a front runner to replace Jackett before his appointment as Spain coach last week.

But Jeff Shi, Fosun's representative on the Wolves board, confirmed he had spoken to Jackett and the subject of his future was not discussed.

"I know Julen and I'm glad he's become the coach of Spain but I'm very happy to work with Kenny now," he told BBC WM.

"I've had two meetings with Kenny and the only topic was about the squad.

"I totally agreed with him on the size of the squad - it's too small - and I'm working very hard with him on giving him all the support I can."

Kenny Jackett
Kenny Jackett has won 69 and lost 38 out of 150 games since becoming head coach in June 2013

Money is not a problem - Shi

With Fosun's chairman Guo Guangchang reported to have a personal wealth of £4bn, the question over how much money will be invested into Wolves was also addressed by the club's new owners.

Shi said: "Our capacity for investment is huge - any investment into the club will not be a problem.

"For players, £20m to £30m is a necessity and I hope we can put more in. We need to find the right players in the right positions to help the club and we have to be smart.

"Before the start of the season I hope we will have five to eight new players."

With Wolves now the third club in the West Midlands - along with Birmingham City and Aston Villa - under Chinese ownership, Shi said Fosun's intentions were to take them to "the top of English football."

He added the potential at Wolves for the investment company was too good to turn down.

"We needed to find the space for growth and we have a very good structure here - a very good academy, young players and a great history," Shi said.

"There are very few clubs in the world that can combine those and Wolves is one."

Moxey 'proud' of time at Wolves

Jez Moxey
Jez Moxey became Wolves chief executive in June 2000 after five years at Stoke City

Wolves' change in ownership has also brought Moxey's 16-year tenure as chief executive to an end.

The 53-year-old is staying on for three months while a replacement is found.

"I'm really proud of having been recruited by Sir Jack (Hayward), kept on by Steve (Morgan) and asked to remain by these guys but my job's done. It's time for somebody else," he said.

"I'm genuinely thrilled that we've now got an owner in Fosun who I think can now take this club, unlock its potential and find new players that can take us, hopefully, into the Premier League and keep us there for a very, very long time."

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