Wolves and Fosun look at buying a stake in Oostende, reports

March 22 – Wolverhampton Wanderers owner Fosun reportedly wants to invest in KV Oostende, a Belgian top flight club currently struggling at the bottom of the table and owned by Pacific Media Group (PMG).

PMG, via owners Paul Conway and Chen Lee, have opened talks with Fosun, the owners of Wolves, according to the British newspaper The Guardian. Talks are in an early stage.

PMG also have stakes in Barnsley, Nancy in France and Kaiserslautern in Germany in their portfolio. In 2020, they took over from previous owner March Coucke, who acquired Brussels-based club Anderlecht. PMG are reportedly asking 10 million dollars to sell the club.

The Belgian FA, KBVB, withdrew Oostende’s professional license in 2020 and the club have been struggling financially again this season, with mounting debts. The seaside club registered a loss of €5.2 million for the 2022 financial year. A year earlier, Oostende lost €4 million.

A potential takeover could pave the way for Fosun and Wolves to develop a multi-club ownership structure, which is a growing trend in the game. UEFA president Aleksander Ceferin had indicated that the governing body could be open to clubs with the same owners competing in continental competitions.

Belgian clubs have been particularly popular with foreign investors because of the lax regulation and low minimum salaries. QSI from Qatar owns Eupen, King Power from Thailand and owner of Leicester City acquired OH Leuven, and Malaysia’s Vincent Tan owns Kortrijk among others.

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