Wolverhampton Wanderers' new owners Fosun International have confirmed that Kenny Jackett will remain as manager.

It was widely expected that the 54-year-old would be relieved of his duties after the Chinese conglomerate completed a £30m takeover last week.

However, Fosun representative Jeff Shi told a press conference today that after holding meetings with Jackett, it was decided that the former Millwall boss is the right man to take the club into a new era.

It was previously reported that the Championship club had a deal in place to appoint ex-Porto boss Julen Lopetegui, but they were dealt a blow when he opted to become Spain head coach instead.

Lopetegui claimed that an agreement was reached with Wolves, but today, Shi said that no decision had been made regarding coaching personnel prior to the takeover going through.

Since his appointment in 2013, Jackett has guided the Midlands club to promotion from League One, and he pushed them close to the Championship playoffs in the following season, but the team could only finish mid-table in the 2015-16 campaign.