Wolverhampton Wanderers executive chairman Jeff Shi has stepped down from his operational role, ending nearly a decade in charge during one of the most turbulent periods in the club’s modern history.
The 48-year-old leaves with Wolves bottom of the Premier League, winless and stranded on just two points, with relegation fears intensifying as the season unravels.
Shi will remain chairman and chief executive of Fosun Sports Group, the club’s parent company, but will no longer be involved in the day-to-day running at Molineux.
Fan Pressure Reaches Breaking Point
Shi’s operational responsibilities will be taken on interim by Nathan Shi, who has worked within the Fosun structure since 2016.
The decision follows months of growing supporter unrest, with frustration spilling from social media onto the terraces as performances declined. Many fans accused the ownership of overseeing a “managed decline,” a sentiment that gained momentum as Wolves slipped 14 points adrift of safety.
Protests peaked during the 4–1 home defeat to Manchester United, when sections of the crowd staged a coordinated boycott of the opening 15 minutes — a stark message aimed directly at the board. Supporters argued that key players were sold without adequate succession planning, dismantling a once-competitive squad.
Shi’s Farewell: ‘My Heart Will Still Roar for This Club’
In an emotional farewell statement, Shi struck a conciliatory tone, expressing gratitude while insisting his bond with Wolves remains strong.
“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.”
“My seat may change, but my heart will still roar for this club every single game.”
He also pledged full support to the new leadership team as Wolves fight to stabilise their season.
Nathan Shi Faces Uphill Task
Nathan Shi acknowledged the scale of the challenge awaiting him.
“At this important and challenging moment, I look forward to working closely with all stakeholders to build a stronger future. Together, as one pack, we will move forward with belief, pride, ambition and unity.”
From European Nights to Survival Scraps
The contrast with Wolves’ earlier years under Fosun ownership is stark.
After promotion in 2018 under Nuno Espírito Santo, the club enjoyed:
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Back-to-back seventh-place Premier League finishes
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An FA Cup semi-final (2019)
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A Europa League quarter-final (2020)
Those achievements created belief that Wolves had cemented themselves among England’s rising forces. However, that goodwill has since eroded.
Supporters point to the departure of key figures such as Raúl Jiménez, Diogo Jota, João Moutinho, Adama Traoré and Pedro Neto, many of whom left without what fans felt were like-for-like replacements.
Transfer Gamble Backfires
The most recent summer window proved pivotal.
Wolves sanctioned the sales of:
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Matheus Cunha to Manchester United
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Rayan Aït-Nouri to Manchester City
The deals raised a combined £92.5 million, while captain Nelson Semedo departed on a free transfer.
In contrast, six incoming players arrived without Premier League experience, while Jørgen Strand Larsen’s loan was made permanent for £23 million.
Shi Admits Errors in Squad Overhaul
Earlier this season, Shi conceded that the scale of change may have been too drastic.
“Maybe we sold too many players in one window… maybe we changed 40 or 50 per cent of the key players. The Premier League is very tough. If you can’t control the tempo and need longer to rebuild, the games will punish you.”
What Happens Next for Wolves?
With Wolves staring down the threat of relegation, the focus now shifts to whether new leadership can halt the slide — and whether trust between the club and its supporters can be rebuilt before it’s too late.
