Earlier this year, Maurits Linders took a closer look at the causes of Wolverhampton Wanderers' decline. This edition is the second part of our mini-series on the Premier League's bottom club. The timing is important: on 19 December 2025, executive chairman Jeff Shi resigned after a historically poor start to the Premier League season without a single win. With Nathan Shi as interim leader, we outline a plan to get the club back on track. One possible step is the sale of an £86 million minority stake to investor MSP Sports Capital.
This represents a major change in the way the club is run. The focus is on renewing the outdated infrastructure and developing Wolves into a global media company that is active all year round. This should ensure stable income and financial strength, regardless of sporting results.
Importantly, Wolves can benefit from MSP's experience in this regard. This investor has previously demonstrated its ability to successfully renew clubs and organisations, such as McLaren Racing and Estoril Praia. This will enable Wolves to build a future based on smart investments and professional management.
Regaining Wolves' competitive edge
With a strong strategic partnership, Wolves can embark on a new direction. This course is based on the partner's knowledge, a modern commercial and digital approach, and a clearer management style. With the right private equity partner, the club can not only recover but also remain successful in the long term.
Laying the foundations for the next chapter of Wolves
If Wolves wants to build a structural and organisational advantage – without becoming dependent on Jorge Mendes again – then a minority stake from MSP Sports Capital is the most realistic and sustainable option. This approach is in line with what supporters expect and is a proven way to remain competitive.
This time, the approach must be different. Wolves must move away from a model that relies on external agents and switch to its own integrated strategy for attracting players. This means more control from the club, using data in scouting and planning for the long term.
An official partnership with MSP Sports Capital would give Wolves direct access to scouting, player development and quick transfer opportunities. This would effectively replace the old Mendes model with a modern scouting structure controlled by the club itself.
Importantly, this model also works in difficult economic times and is suited to the reality of the Championship. The old Mendes network was focused on the Premier League and is less financially sustainable at a lower level. A new partnership with MSP offers a system that is suited to the Championship: focused on finding and developing talent that fits the club's values and on a stable long-term strategy.
A new competitive advantage
MSP Sports Capital has extensive experience in European football, making it a strong strategic partner for Wolves. The investor can help the club with the modern, data-driven approach needed to be successful in both the Premier League and the Championship.
In addition to football, MSP brings knowledge from other sports. It works with clear governance structures and practical processes developed within a broad, international sports portfolio. As a result, MSP looks beyond traditional club management and combines smart investments with a focus on performance.
A strategic investor with experience in the sports world
MSP Sports Capital has interests in various sports and countries.
In football:- AD Alcorcón (Spain) – minority interest, third tier
Outside football:
- SK Beveren (Belgium) – minority interest, second tier - FC Augsburg (Germany) – minority interest, Bundesliga - Brøndby IF (Denmark) – minority interest, top tier This network of clubs consists of both development clubs and clubs at the highest level. It shows that MSP is working on a cohesive European network from which Wolves can directly benefit.- Motorsport: MSP held a 15% stake in McLaren Racing during a difficult restructuring phase. With additional capital and management support, MSP helped stabilise the team and invest in key improvements.- Other sports companies: MSP has a majority stake in the X Games and investments in related sectors. Chairman Jahm Najafi is also co-owner and vice-chairman of the Phoenix Suns (NBA), underscoring his experience in top-level sports management.
Why MSP can make Wolves stronger in the long term
MSP takes a clear and practical approach to investment. It wants to exert real influence in order to genuinely improve organisations. In football, this translates into six core principles:
- Clear control: Even with a minority stake, MSP strives for board seats and clear decision-making power so that plans can be implemented quickly.
- From rights to products: Instead of individual events, MSP wants to engage fans throughout the year with content, stories and rivalries.
- Getting involved in difficult times: MSP invests during crises and has the patience to wait until performance and value have been restored before exiting.
- Making everything measurable: Growth is tracked using clear figures, such as ticket sales, viewing time and sponsorship income.
- Collaborating through a club network: Multiple clubs share scouting, development and knowledge, while respecting local rules.
- Smart partnerships: MSP often collaborates with other investors and financiers to make large projects possible.
For Wolves, four of these points directly address the biggest challenges: measuring everything, collaborating within a club network, clear decision-making and investing with patience.
By joining the European MSP network, Wolves does not have to rebuild everything from scratch. The club can immediately make use of existing scouting, data and performance systems. This saves time, money and risks.
This is particularly important given the uncertain sporting situation:
By combining both lines, Wolves can build a squad that can perform at both levels.
- Suitable for the Championship: MSP has experience in leagues such as Belgium and Germany, where physical and direct football is central, which fits well with the English second division.- Advantage in the Premier League: At the same time, MSP offers access to talented leagues such as Portugal, Spain and Denmark, where young players are trained for the highest level.
One of the biggest problems at Wolves in recent seasons has been the lack of consistent leadership. MSP's active management model can solve this.
Owner Fosun's policy has been inconsistent in recent years: unclear strategy, contradictory transfer choices and rapid cutbacks. A review of the club's structure is necessary. MSP offers a management model with clear goals, active involvement and data-driven decisions.
This is not theory. Fosun itself has indicated that it is open to selling a minority stake. In July 2025, then-chairman Jeff Shi said on the Business of Sport podcast that the club was looking for a proactive partner. This was later confirmed by BBC Sport and The Athletic.
If Fosun wants to remain committed to Wolves in the long term, an investment from MSP is not a weak move but a logical next step. As Wolves podcaster Ryan Leister summed it up: "If you no longer want to invest your own money, you have to leave it to someone else."
A minority stake of just over 25% for £60 million would not only provide Wolves with capital, but also structure, leadership and a clear vision for the future, which is exactly what the club is currently lacking.
MSP Sports Capital distinguishes itself through its long-term vision. The focus is on stability, sustainability and patience – exactly what Wolves needs right now.
Unlike quick investors or parties that only provide money, MSP steps in when clubs are struggling. It invests carefully, thinks ahead and works to create lasting value. The way MSP is involved with Estoril Praia is a good example of this. The club retained its own identity, while both its sporting and financial performance improved thanks to better management.
This approach is in line with statements made by former Wolves chairman Jeff Shi. In an interview about the financial pressure in modern football, he said: "I am absolutely against the traditional way of playing football. People like to talk about a new stadium, trendy owners and spending billions on players. That may be good for fans and cities, but not for owners. I have seen many owners lose money and then disappear."
His words highlight two important points. First, financial prudence is essential, something Wolves struggles with, but MSP excels at. Second, there is a need for better choices and clear priorities. Although Shi is sceptical about large long-term investments, this article shows that investing in infrastructure, governance and innovation is necessary to achieve lasting success.
From that perspective, MSP can not only complement the vision of owner Fosun, but also reinforce it. This will allow Wolves to move away from mere survival and transition to a smarter, future-oriented growth model.
Estoril Praia is a prime example of MSP's approach. MSP has held a minority stake in the club since 2019, alongside major shareholder David Blitzer. During this period, Estoril has grown into a stable club in the Portuguese top division.
Without attracting much attention, Estoril has become one of the most efficiently run youth academies in Europe. This is due to smart scouting, professional facilities and a clear sporting vision. This is exactly the kind of model Wolves can learn from.
Since the 2021/22 season, Estoril has been a fixture in the Primeira Liga. In the competitive football region around Lisbon, the club is now known as a strong talent developer.
Leadership and clear direction
From the outset, MSP took active leadership:
A clear sporting vision and healthy finances
Estoril's strategy revolved around youth training, modern scouting and data-driven decisions. Former sporting director Pedro Alves put it this way in 2022:
Importantly, MSP also respected the bond with supporters and the local identity. There was no imposed rebranding. Instead, the club was modernised behind the scenes, while the soul of Estoril was preserved.
In short, Estoril is no longer just a survivor in the Portuguese top flight, but a club with growth potential. Wolves could benefit greatly by following this model.
More proven impact: McLaren and Everton
McLaren Racing: MSP joined McLaren during the COVID crisis. That investment stabilised the team, enabled new appointments and financed infrastructure improvements. In the years that followed, sporting recovery ensued. MSP leaders also took on active management roles here.
Everton: In 2023, MSP explored a 25% minority stake in Everton. The deal ultimately fell through, but the intention was clear: active governance, not silent capital. MSP did provide temporary financial assistance to the club, which reinforced its image as a serious and solution-oriented partner.
- Jeff Moorad became CEO of the owner group - MSP chairman Jahm Najafi joined the board - Jeffrey Saunders was appointed club chairman This shows that MSP does not opt for passive investment, but for active leadership and structural improvement.- "A strong youth academy is the foundation." - "We have to sell players to grow, but not 35-year-olds." - "It's about finding a few players with potential and letting them develop at their own pace." This approach worked. During the MSP era, Estoril achieved a net transfer profit of €33 million. Players were sold for €38.5 million and only €5.5 million was spent. Players such as Diego Carlos, Matheus Nunes and Tiago Santos confirm the success of this model.
A minority stake in MSP would focus on stability and sustainability. The approach focuses on two main points: more commercial and digital revenue, and better governance.
Commercial and digital growth: the missing revenue
Wolves is heavily dependent on television money (approximately 75% of its revenue). Matchday revenue lags behind other Premier League clubs. This makes the club vulnerable and limits its scope within the financial rules (PSR).
The solution lies in generating more digital revenue from fans worldwide and targeted investments in the stadium, especially the outdated Steve Bull Stand. This will make Wolves less dependent on television revenue and more financially resilient.
New ways to make money from fans
Wolves' commercial revenue has barely grown since 2018/19: only £1.2 million to £28.8 million in 2023/24. This puts the club in 13th place in the Premier League.
MSP can change this with its 'Rights into Products' strategy: engaging fans throughout the year via content, platforms and stories.
Flamengo is an example of this. With Flamengo TV, the club earns millions through its own digital channel, rather than fixed sponsorship fees.
For Wolves, this means a two-pronged approach:
Domestic: strengthening local identity
Internationally: leveraging global fans
- Stadium renovation: Modernise the Steve Bull Stand with catering, business areas and hospitality.- Digital platform: Revamp Wolves Rewards into a system that engages fans 365 days a year.- Asia: Use the partnership with Migu to deliver interactive content to China and Southeast Asia.- E-sports: Use the e-sports branch for branding and younger target groups.- Betting platform: Set up a club-affiliated betting platform in Southeast Asia, following the example of Flamengo.
Stadium modernisation: from burden to driving force
Molineux is historic but commercially limited. With approximately £16 million in matchday revenue and £25 per fan, Wolves languish at the bottom of the Premier League.
By renovating the Steve Bull Stand – similar to Fulham's Riverside Stand – Wolves can create luxury suites and corporate areas. That generates much more revenue than just extra seats.
Demand for tickets is high: 22,500 season tickets, 94% renewal rate and a long waiting list. Increasing capacity to 35,000–40,000 would finally allow that demand to be met.
A modernised stadium would thus become a year-round source of income.
Financing the stadium plans (£76 million)
The investment can be financed in three ways:
- Converting debt into shares (£30m): Fosun converts part of its loans, improving the balance sheet.
- American loan (USPP) (£20m): Cheap financing with the stadium as collateral.
- MSP investment (£26m): Patient capital with low interest rates and long maturities.
Looking beyond match day
This investment solves the ticket shortage and creates new revenue outside of television rights. Clubs such as Tottenham and Everton doubled their matchday revenue after stadium renovations.
By transforming the Steve Bull Stand into a business and hospitality hub, Wolves can generate structural revenue, which is essential to remain competitive at the top level.
A new management direction: from entrepreneurial model to professional supervision
Jeff Shi's departure as executive chairman in December 2025 marks the end of a ten-year period. It began successfully, but in recent years has been characterised by unrest, changing policies and a lack of a clear long-term vision.
Critics point out that owner Fosun changed course from season to season. Periods of high spending were interspersed with sudden cutbacks. The result was a selection without a clear balance. Now that Nathan Shi is temporarily in charge of day-to-day management, the time has come to move away from this unpredictable model and switch to a more professional management structure. This includes financial discipline, clear responsibilities and fixed plans.
Why a minority stake by MSP makes sense
A 25% minority stake by MSP Sports Capital is large enough to exert influence, but allows the club to remain independent. Without additional funding from David Blitzer, MSP would act as an active partner with this stake, not as a silent financier. That means board seats and direct involvement in the day-to-day management of the club.
The board advantage of MSP
MSP's approach is focused on professionalisation. Four elements are directly relevant to Wolves:
- Measuring growth with figuresMSP works with clear dashboards that track revenue, fan engagement and sponsorship performance. Decisions are made based on data, not gut feeling.
- Collaborating within a club networkBy collaborating with other clubs, scouting, player development and sponsorship can be organised more efficiently, with respect for local rules.
- Faster and clearer decision-makingEven as a minority shareholder, MSP usually gets board seats and clear decision-making powers. This means that plans are implemented rather than endlessly discussed. This is similar to how Silver Lake gained influence within the City Football Group.
- Long-term patienceThe approach MSP took at McLaren Racing – investing in difficult times and only exiting later – shows that the company is not looking for quick profits, but for sustainable recovery.
Importantly, this 25% stake prevents Wolves from becoming part of a large club empire. That risk would exist in the event of a full takeover by, for example, Eagle Football, which recently made a £400 million bid.
In addition, this structure prevents conflicts with regulations. David Blitzer, a frequent partner of MSP, also has a large stake in Crystal Palace. By keeping him out of this deal, Wolves remains completely independent and retains its right to participate in European competitions.
Wolves' valuation of £240 million is significantly lower than that of comparable Premier League clubs, which are often worth between £350 and £450 million. This difference is due to the real possibility of relegation to the Championship.
It is precisely this moment that offers MSP the opportunity to acquire a large stake at a relatively low price. This is striking, given that Jeff Shi previously stated that Wolves was intrinsically worth more than Crystal Palace. For MSP, this is an investment with considerable upside potential once sporting stability returns.
How will the £86 million investment be used? MSP's investment is divided into two parts.
Share investment (£60 million):
MSP is paying £60 million for 25% of the shares. This money gives Wolves immediate financial breathing space.
Stadium loan (£26 million)
In addition, MSP is providing a £26 million loan for the development of Molineux, with a focus on the Steve Bull Stand.
- Protection against relegation: The investment acts as an extra safety net. The club does not have to sell key players under pressure for low amounts.- More external confidence: The entry of a strong institutional party gives banks and sponsors confidence that Wolves will be managed in a more financially stable manner.- Club value increases: A modernised stadium with better facilities increases the value of the club, regardless of the league in which Wolves plays.- Smart financing: The loan is cheaper and more efficient than a standard bank loan and will be used for investments that directly contribute to higher matchday revenues.
Conclusion: from survival to progress
Over the past ten years, Fosun has navigated between ambition and caution. The current winless start shows that the old model – heavily reliant on agents and short-term decisions – has reached its limits.
A minority investment from MSP Sports Capital means more than just £86 million in new capital. It offers a complete overhaul of how the club is run. By taking player recruitment into its own hands, working with data and collaborating within a network of clubs, Wolves can finally build a stable sporting identity.
In addition, the combination of a modernised Molineux and international digital growth – particularly in Southeast Asia – will provide more stable revenue. This will help the club comply with financial regulations, regardless of whether Wolves are playing in the Premier League or the Championship.
The ultimate goal is clear: away from changing policies and short-term reactions, and towards a clear, professional strategy. With smart capital, strong management and a future-proof stadium, Wolves can develop into an independent and competitive club.
The route is clear. It is time for Wolves to move beyond mere survival and start evolving.