10 Chinese companies snap up top overseas sports teams

9 Fosun International Ltd

Wolverhampton Wanderers fans celebrate at the final whistle during a Barclays Premier League match at Ewood Park, Blackburn. Provided to China Daily

Wolverhampton Wanderers is now officially under Chinese ownership, after the West Midlands soccer club's sale in July 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.

Wolves ended last season in 14th place in the Championship - the second tier of English soccer behind the Premier League - having won promotion from League One in the 2013-14 season. Wolves last played in the Premier League for a three-year spell from 2009 to 2012, before tumbling down two divisions in consecutive seasons. Trophies have been hard to come by for the struggling club since the "golden years" of the 1950s.