Wolves Chairman Jeff Shi has been talking to The Business of Sport Podcast where Reflects on Past ‘Mistake’, Finances, and Ambitions for the Club
Wolverhampton Wanderers prepare for the new season with big changes at the top, as Chairman Jeff Shi opens up about lessons learned, financial realities, sustained ambitions, and the need to strike a better balance in the club’s leadership and future.
Leadership Structure and Coming Back from Mistakes
Wolves, under Fosun, have had both strong achievements and recent challenges in the Premier League. With new changes, the sporting director role has been removed and responsibilities are now shared. Domenico Teti now acts as the bridge between head coach Vitor Pereira and the hierarchy.
Shi admitted on the Business of Sport podcast:
“I made a mistake and maybe tried to stay away from football for a while. After the promotion to the Premier League we did really well, we went to Europe and finished seventh twice. I’m not from the football industry and I have more interests… I thought maybe I could focus more on that and leave the people here to do the job here. In the last few years I didn’t spend enough time here. Now, I realise I have to be inside the training ground.”
He continued:
“It’s difficult because a football team needs a leader to show them the right way and if I left people started to feel disoriented… I’ve spent every day at the training ground and for next season I hope I can find the balance.”
Emphasis on Presence and Teamwork
Shi says his role requires a daily presence:
“The players, the coach, the people want to see you in person and speak with you in person. In person things are different.”
He wants Wolves to have a leadership team:
“At Wolves we are trying to have a leadership team with four or five people doing different things… With teamwork it’s easier for a succession plan, otherwise if you allow the coach to do everything, he may not be happy and too busy… Now, we have a team with expertise in every separate area, to give the coach an area to focus on and we can be more sustainable for the future.”
Ambition Beyond Mid-table
Shi is clear about Wolves’ purpose:
“We are very ambitious and we are not only content to stay in the league, we are not only content to be a mid-table club.”
He reflects on last season’s difficulties, especially after Gary O’Neil’s tenure. Shi says the club lacked leadership and clear communication, something the new coach Vitor Pereira helped address by rebuilding team structure, bringing in new players, and refreshing the club’s culture:
“The first thing is just try to rebuild the team, talk with all the players, understand what they want… Last January we let some players go, signed some new players, then built a new team and a new leadership team. That’s what we have done. It shows the squad was good enough, but we did something wrong off the pitch.”
Learning from Success and Failure
Shi warns against overconfidence after success:
“The biggest lesson I have learned in the last 10 years is sometimes when you are doing so well, be careful. You have to prepare for different options. Otherwise if you only go to one pathway and you fail there, then no pathway to come back.”
After two seventh-place finishes, Shi says Wolves overspent, believing they could reach the top four. When that did not happen, costs remained high and the club needed several years to recover, rebalance wages, and rebuild its financial structure.
Sustainable Finances
Shi is open about the challenges of balancing spending against revenue, and the pressure of emotional decisions during tough times:
“We should break even… but sometimes we lost money because we were too emotional to do something, like spending too much when we were in a difficult time. Football is not like that (predictable)… if every season we are top 10 or 11, no danger to go down or up, it’s not too hard to break even—but football is not always like that.”
He believes Wolves have one of the best records in the league for spending efficiently, saying:
“We have an index called capital efficiency… for every dollar or pound we invest into the club we have to make sure, compared with other 19 clubs, we are maybe the most efficient one on investing.”
Building for the Future
Shi emphasises the need for a club-wide understanding of elite football and how to compete at the highest level—not relying on luck or the work of one person:
“You need to make the club as a whole understand football better. If you don’t, sometimes you’re lucky to win something, but eventually you will lose.”
Not Just Football: Brand and Esports
Shi sees club growth beyond the pitch, including business entertainment and esports. He believes this is essential for broadening Wolves’ reach and long-term success, while maintaining on-field priorities:
“If we only stay in football, we have to compete with lots of other clubs in the UK. It’s almost impossible for us to have the same fan base in the UK as Man United has… We have to look outside… do very well in the league, but also have other powers to help us build a bigger empire.”
Women’s Football
On Wolves Women, Shi says the club supports women’s football but wants better structures for promotion and commercial growth:
“Women’s football should have more support, more brainstorm for its development, and ultimately should be sustainable by itself—not relying too much on the men’s team’s finances.”
On Selling Players and Building the Squad
Looking back, Shi regrets selling Diogo Jota and admits some transfers, like Patrick Cutrone, did not work out. He highlights that signing top players often requires strong agent relationships, like working with Jorge Mendes.
“If you ask me if I can change the history, I wouldn’t have sold [Jota].”
ON STADIUM DEVELOPMENT
Jeff Shi addressed the future of Molineux, stressing that while the stadium already serves Wolves well, changes are being considered to improve hospitality and supporter experience.
Shi confirmed the ground’s capacity, around 32,000, is suitable for the club and city. Growing beyond 35,000 to 38,000 seats is not seen as urgent. Instead, the priority is to update and enhance specific areas:
“Molineux is a good stadium. I have been to many stadiums in the UK and ours is good. The capacity is about right—maybe 35,000 or 40,000 is the maximum for Wolverhampton. It’s not very urgent to go bigger.”
A key area for improvement is hospitality. Shi points to the need for more space and better facilities for business clients and guests:
“The main changes we’re looking at are more hospitality areas to serve clients, for business events, conferences, or to enjoy the matches in a better environment. We have a very old stand, the Steve Bull Stand, built in the 1980s, and our next plan is to renovate that, with more room for hospitality.”
Unlike stadium overhauls at clubs targeting luxury markets, Shi says the aim at Wolves is accessible comfort:
“We’re not looking for super-rich, exclusive hospitality like some other clubs. We are focused on providing a better experience for a range of business clients—improving the environment, not just building bigger.”
Shi emphasised that full-scale expansion isn’t justifiable now. Financially, making small, smart changes over time is the way to go:
“Financially, if you just do a complete rebuild for only three or four matches a year, it doesn’t work—you lose money in the long term. We’re carefully considering plans, but the goal isn’t to rebuild the stadium. It’s about tweaking and optimising what we have.”
Looking Ahead
Shi is not planning to sell the club but is open to minority investment for strategic growth. He stresses that communication with fans is key, but also that fans need to realise the difficulties of professional football management.
Shi is proud that Wolves have now stayed in the Premier League for eight years, their longest run since 1976. He says:
“We are very ambitious and we are not only content to stay in the league or be a mid-table club— but we want to be bigger, in a new way.”
Conclusion
Jeff Shi’s open approach reveals a club learning from its past, trying to balance ambition with reality. Wolves will continue to innovate, both on and off the field, as they aim for sustained competitiveness, smart growth, and deeper engagement with the global football community.