Following Vitor Pereira's sacking, Wolves were closing in on an agreement for Gary O'Neil to return to the club, which sparked an angry reaction from the majority of supporters.
O'Neil pulled out of the race late on Monday night and Wolves' search for a new head coach continues, as they speak to other candidates.
The club currently sits bottom of the Premier League with just two points from the opening 10 matches.
Now, nine Wolves fan groups have written an open letter to Fosun, outlining their concerns at the club's direction, ambition and identity, while also insisting many of them no longer feel confident in club chairman Jeff Shi's leadership.
The letter read: "As long-time supporters of this fantastic football club, we are writing to express our serious concerns about the overall direction and management of Wolverhampton Wanderers, particularly amid the ongoing search for another head coach.
"Whilst we appreciate the challenges involved in recruitment and the need for stability, we urge you and the board to recognise the strong and widespread opposition to the decisions currently being made across all areas of the club.
"Many supporters feel that Wolves has lost its ambition, identity, and clear sense of purpose both on and off the pitch. You have already alienated a significant number of loyal supporters who have been priced out, and appear to show little care or respect for the fanbase. Without swift and meaningful change, you risk further dividing supporters at a time when unity and belief are essential.
"Under Fosun’s early stewardship, the club made great strides in its footballing operations, infrastructure, and community connection - progress that made Wolves a model of pride and ambition. Sadly, we are now witnessing decisions that continue to undermine that vital relationship and diminish the standards that once defined the club.
"As supporters, it feels like Groundhog Day once again. What has happened to us?
"How has the club declined so much under your stewardship, Jeff? How can the hierarchy repeatedly make the same mistakes and fail to deliver on promises? Why have so many key figures behind the scenes departed without clear explanations?
"We believe the fans deserve transparency and accountability from the club’s leadership through open, honest communication rather than scripted interviews.
"We call for Guo Guangchang, Chairman of Fosun to engage directly with supporters and provide clarity about the club’s long-term vision and leadership structure. Many no longer feel confident that Jeff Shi is the right person to take this football club forward.
"The Wolves fanbase cares deeply about the club’s success. Our loyalty remains for now, but we urge you to listen to and respect the voices of supporters during this crucial period."
The letter was written by the following fan groups: **OGP, Wolves 1877 Trust, Talking Wolves, Wolves Fancast, The Wolves Report, Wolves 77 Club, Always Wolves, Punjabi Wolves and The Wolfpack.**