Wolves equal the worst Premier League start record, overseas Chinese-owned club hits lowest point

Written by Han Bing Changing players and coaches was futile, so the club had to replace the chairman. On December 20th, Wolves, winless in their first 16 Premier League games, declared that Shi Yu, chairman for the entire 9 years under Chinese ownership, stepped down, and Shi Jiaying took over as interim chairman. Yet that night Wolves lost 0-2 to Brentford, stretching their winless start to 17 matches with no clear progress. With the Premier League season not yet halfway through, Wolves are 16 points behind the relegation zone, making relegation almost certain. Chinese fans may be more concerned whether Wolves, the last Chinese-owned Premier League club, will be abandoned like Inter Milan and Espanyol after their sales.

In early November, Wolves sacked former Shanghai Port coach Pereira and spent €3.5 million to bring Edwards from Championship side Millwall, but it made no difference. Wolves have now become the first Premier League team to start two consecutive seasons with at least 10 matches winless. After the 0-2 defeat to Brentford on Saturday, they matched Sheffield United’s record of 17 winless starts in the 2020/21 season. Worse humiliation may lie ahead: this season Wolves average less than 0.12 points per game, which would result in fewer than 5 points by season’s end. This is far below Derby County’s Premier League low of 11 points in 2007/08, not even reaching half of that. After 17 rounds, Wolves have only 2 points, while Derby County had 6 points at the same stage, including one victory.

Over the last five seasons, Wolves have steadily declined, dropping from 10th in the top half to 13th, 14th, and 16th place. After two relegation battles and five managerial changes, relegation seems inevitable. Wolves have continuously sold their core players: Jiménez, Ruben Neves, Traoré, Neto, Núñez, and Moutinho have all left, each sale weakening the team significantly. This summer, the departures of Nouri and Cunha were the final straw that broke Wolves’ back.

This summer Wolves spent €140 million on transfers, but all six new signings lack Premier League experience. So far this season, Wolves have scored only 9 goals, making them the first team since Leicester City in 1977/78 to have no player scoring more than one goal before December. Starting in November, Wolves went 33 days without scoring in five consecutive Premier League matches, forcing the club to cancel their traditional monthly best goal award. The weak attack is the fundamental reason Wolves struggle to score. However, due to Fosun Group’s strategic adjustments, it remains uncertain how many new players can be brought in during the winter transfer window.

The only consolation for Wolves fans is that recent teams with similar poor starts have not broken the Premier League’s lowest points record of 11. In the 2018/19 season, Huddersfield earned only 3 points in their first 10 matches but finished with 16; in 2020/21 Sheffield United had 2 points after 17 matches and ended with 16; in 2021/22 Norwich had 2 points after 10 games and finished with 22; in 2024/25 Southampton had 5 points after 16 games and finished with 12. Yet all these four teams still could not avoid relegation.

On the pitch, Wolves have been disastrous; off the pitch, they have posted losses for four consecutive seasons. Since Fosun Group acquired the club in July 2016, cumulative pre-tax losses have reached €88 million. If Fosun hadn’t waived €145 million in loans during the 2020/21 season, losses would have been even higher. Since their promotion to the Premier League in 2018/19, the club’s revenue has only grown by 3% (€6 million), with commercial revenue increasing by just €1.15 million. Wolves have relied on player sales to cover deficits; over the past six seasons, total income was nearly €600 million against €663 million spent on transfers. Net investment was only €63 million, averaging just €10 million per season. This summer’s €140 million spending was almost offset by €137.5 million in player sales, resulting in a net investment of merely €2.5 million, barely making a difference. Maintaining Premier League status for seven seasons with such low investment has now reached its limit.

In 2016, Fosun Group’s €54 million acquisition of Wolves, then in the Championship, was considered rational amid the wave of Chinese takeovers in European clubs. Over nine years, Wolves developed a close relationship with Portuguese super-agent Jorge Mendes, once reaching 7th in the Premier League and entering European competitions. They even had a Chinese-owned derby against Espanyol in the Europa League. However, it became clear that the club’s overreliance on Mendes for coaching changes and player trades made their success temporary, ultimately turning Wolves into victims of the agent’s greed.

Now that the wave has receded, former Chinese-owned clubs like West Bromwich Albion, Southampton, Aston Villa, AC Milan, Inter Milan, Espanyol, and Nice have all changed ownership. After eight seasons, relegation will cause Wolves’ broadcasting revenue to drop by €115 million, over 56% of the club’s total income. The huge income gap caused by relegation will inevitably increase Wolves’ losses. Previously, Wolves rejected a €170 million takeover bid from American owner Texeira, but with Fosun Group’s strategic downsizing, it remains uncertain whether they will continue after relegation.