Championship club Wolverhampton Wanderers have announced the takeover of the club by Chinese investment group Fosun International.

The deal with previous owner Steve Morgan, reported to be worth around £45million, was announced on the club's official website on Thursday.

The new owners have pledged to invest £20m to £30m in the Wolves squad during the next two years.

"We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves," Fosun representative Jeff Shi said in a statement.

"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves.

"During our conversations Steve's great passion and vision for the club and Wolverhampton were very clear and we feel privileged to pick up the baton from him.

"And also to Jez Moxey for his tremendous contribution to Wolves. We are sad to see him leave.

"We would also like to thank the hugely loyal and passionate Wolves supporters, and all the club staff. We hope they will be pleased with, and supportive of, our exciting plans for Wolves.

"Football is enjoying a huge growth in China and, of course, is England's national sport. As part of our strategy, it makes perfect sense to buy a great football club.

"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there.

"We can't wait to get started on the exciting times ahead and look forward to a long and ultimately successful ownership of Wolves."