LONDON (REUTERS) - The new Chinese owners of Wolverhampton Wanderers say promotion back to the English Premier League is their top priority.

The English Championship club confirmed on Thursday that China-based Fosun Group had completed its takeover from Steve Morgan, who has owned the club for nine years.

Although no financial details were revealed, British media reported the sale to be worth around £45 million (S$80.64 million).

"Wolves are delighted to confirm that a sale-and-purchase agreement has been signed which sees the transfer of the 100 per cent ownership in Wolves and all its assets from Steve Morgan CBE and his Bridgemere Group to Fosun Group, headed by chairman Guo Guangchang," the club said.

Fosun representative Jeff Shi said on the club's website (www.wolves.co.uk) that the new owners would prioritise a return to the Premier League, from which they were relegated in 2012.

"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there... getting there is our first and top priority."

Outgoing owner Morgan said in an open letter to fans that Fosun had pledge to invest £20-30 million in the club over the next two years.

The acquisition has already been approved by the English Football League (EFL) and its board of directors.