Liam Keen
Published1st Apr 2026, 20:00 BST
Updated2nd Apr 2026, 18:03 BST
Former Wolves chairman Jeff Shi received a pay rise of £124,000 in the year 2024/25, the club's financial accounts reveal.
In a financial year that saw the club lose £15.3million, marking the fourth consecutive year of losses, the highest paid director at the club received £688,000, up from £564,000 the year before, in a rise of 22 per cent.
That director is not named, but is understood to be Shi, who was club chairman at the time.
Over the same period, Wolves saw revenue fall from £177.7million to £172million, as they fell two places to 16th in the Premier League.
The fee increase figure represents Shi's remuneration for his role, which totals his salary and any benefits and expenses.
In 2022/23, Shi's income decreased to £588,000 from £612,000 the year before, but it rose again in the latest accounts.
His wages for the current season are not publicly available yet and are unlikely to be disclosed before the next set of accounts are released next year.
Shi left his role as chairman in December after a dreadful first half of the season, which is expected to end in relegation, but he remains chairman and CEO of Fosun Sports Group, the subsidiary company of Chinese conglomerate Fosun, who own Wolves.
Wolves have been bottom of the Premier League since their opening day 4-0 defeat to Manchester City and since Shi's departure, fellow Fosun employee Nathan Shi has taken over as interim chairman and is set to lead a crucial summer for the club.
Meanwhile, the latest accounts show Wolves cut the number of non-playing employees across the group from 313 to 289, but the number of players went up from 81 to 97.
Despite that cut in headcount, staffing costs went up from just under £142million to nearly £163million.
Gate receipts were down marginally to £21.76million, while TV revenue was down £8.5million, commercial was down by £2million to £4.7million, but sponsorship and advertising revenue went up by £4.8million to nearly £20million.
The results reveal that the group were due to pay £181million in the current financial year, including bank loan repayments of nearly £22million.
The figures also show that the group also faced a big leap for 'taxation and social security' costs from the previous years - which jumped from £6.5million in 2024 up to almost £30million last year.
Other liabilities included £128.4million payable to 'other creditors' - which included £89million which was due to be paid to other clubs for player transfers.
Continue Reading