Wolves executive chairman Jeff Shi steps down amid intense pressure after dire start to Premier League season

Shi will retain senior positions within Fosun Sports Group, remaining chairman and chief executive of the parent organisation, but will no longer have day-to-day involvement at Molineux. His operational responsibilities will be assumed on an interim basis by Nathan Shi, who has worked within the Fosun structure since 2016. Shi’s departure follows months of rising unrest among supporters, frustration that has spilled onto the terraces and social media as results deteriorated. Many fans have accused the hierarchy of presiding over a “managed decline”, an argument that gained traction as Wolves slid towards the Championship, now sitting 14 points adrift of safety. Protests reached a crescendo when sections of the crowd staged a coordinated boycott of the opening 15 minutes during the 4-1 home defeat to Manchester United. The demonstration was a pointed message to the board, underlining anger at strategic decisions that, in the eyes of supporters, dismantled a competitive squad without adequate succession planning.

In a statement laced with emotion, Shi struck a conciliatory tone as he stepped aside. He spoke of "humility" on taking the role and gratitude on leaving it, paying tribute to staff, players and fans while insisting his connection to Wolves remains undimmed.

Shi said: "I took the keys to this chair with humility. Today, I step aside with a heart full of gratitude. It has been an honour and a privilege to work alongside our leadership team, players, coaches, staff and – above all – our fans. Together, we have transformed the club into a global force, battling at the highest level.

"I would like to thank Fosun and the board for their trust, and every supporter for making Molineux shine. My seat may change, but my heart will still roar for this club every single game. I give my full support to the new management team and wish them every success in driving Wolves to even greater heights."

Nathan Shi, tasked with steadying the ship, acknowledged the scale of the challenge ahead.

He said: "At this important and challenging moment, I look forward to working closely with all stakeholders to build a stronger future and to help Wolves reach new heights. I believe that together, as one pack, we will move forward with belief, pride, ambition and unity."

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The contrast with earlier years under Fosun ownership could hardly be starker. Wolves surged back into the Premier League in 2018 under Nuno Espírito Santo, followed by successive seventh-place finishes and memorable runs to an FA Cup semi-final in 2019 and a Europa League quarter-final in 2020. Those campaigns fostered belief that the club had cemented itself among England’s rising forces. Yet much of the goodwill from that era has ebbed away. Supporters point to the steady erosion of a side that once featured Raul Jiménez, Diogo Jota, Joao Moutinho, Adama Traore and Pedro Neto, players who departed without what many consider like-for-like replacements.

The summer transfer window proved pivotal. Wolves sanctioned the sales of Matheus Cunha and Rayan Ait-Nouri to Manchester United and Manchester City, respectively, deals that generated a combined £92.5 million ($123.75m). Captain Nelson Semedo also left on a free transfer, further hollowing out the spine of the team. In their place arrived six players without Premier League experience, while Jorgen Strand Larsen’s loan was converted into a permanent move for £23 million ($31m).

Shi himself acknowledged the scale of the gamble. Speaking to the BBC earlier this season, he conceded that too much change may have been forced through too quickly.

He said: "I am not an expert. Maybe we sold too many players in one window. You can see the squad and compare it to last season, maybe we changed 40 or 50% of the key players. It's a task to rebuild a team but the Premier League is very tough. If you can't control the tempo and need a longer time to rebuild the team the games will punish you."

The immediate focus now returns to the pitch. Wolves host Brentford on Saturday, knowing that failure to win would equal the Premier League’s longest winless start, a record currently held by Sheffield United. The change at the top is only a first step. While Shi’s exit may ease tensions, questions persist about Fosun’s broader stewardship and whether deeper reform is required.