Wolverhampton Wanderers owners announce £1.2 billion profit

Wolverhampton Wanderers owners Fosun International have posted record profits of £1.2 billion for the last year.

The 28% increase in profits came as the value of the company's assets around the world rose by a fifth to £56.8 billion.

The Chinese conglomerate acquired Wolves for an initial fee of £30m last summer and have already spent around £27m in the transfer market, including the club-record capture of Portuguese winger Helder Costa.

The firm has interests in a number of global brands, including the Thomas Cook holiday operator, Cirque du Soleil and Club Med.

In recent days Fosun have also been linked with a bid to acquire Bundesliga giants Borussia Dortmund.