Jeff Shi’s recent appearance on the Business of Sport podcast has undoubtedly reignited frustrations among Wolves fans, who have long felt the weight of the club’s decline in recent years. As the chairman of Wolverhampton Wanderers and the face of the Fosun Group, Shi carries much of the responsibility for the decisions that have shaped the club’s trajectory since they took over in 2016. While his comments on the podcast covered a range of topics, the most revealing and contentious part of the discussion came when he reflected on the summer of 2020 and the sale of Diogo Jota.
To understand why this comment has caused such a stir, we need to look back at the period in question, as well as the broader context of Wolves’ journey under Fosun’s ownership. The early years of Fosun’s reign were marked by a meteoric rise. Wolves were promoted to the Premier League in 2018, and almost immediately, they made their mark as a competitive force. Under Nuno Espírito Santo, the team finished seventh in their first two seasons back in the top flight, narrowly missing out on European competition. The club’s rise was a remarkable story, and the squad was built with shrewd signings and careful investment. The most notable of these was undoubtedly the signing of Ruben Neves, a player who quickly became the heart of the midfield, but there were other smart acquisitions like Willy Boly, Joao Moutinho, and yes, Diogo Jota.
Jota’s time at Wolves was a success by any measure. After joining from Porto in 2017, he quickly became a fan favorite, known for his sharp finishing, intelligent movement, and work ethic. He was an integral part of Wolves’ high-energy, counter-attacking style of play and was crucial in their push to the Europa League quarter-finals in 2020, which added to his growing stature at the club. By the time 2020 arrived, Jota had become a key player for Wolves, with a tally of 44 goals and 19 assists in 131 appearances.
The summer of 2020 should have been a time for consolidation and improvement. Wolves had just finished seventh in the Premier League, securing qualification for the Europa League group stages, and fans were hopeful that the team could build on that momentum. However, what transpired in the transfer market left many supporters baffled. The club sold Jota to Liverpool for £45 million — a decision that shocked many, especially considering how integral he had been to the team’s success. Even more curious was the fact that the club spent £35 million on Fabio Silva, a young and unproven striker from Porto, as the apparent replacement for Jota.
Jeff Shi’s comments on the podcast shed some light on the thinking behind the sale. He explained that, despite the sale being a decision made collectively within the club, he personally did not want to let Jota go. Shi’s admission that he would have kept Jota, had it been up to him, reveals a level of regret that many fans had already suspected. According to Shi, the decision to sell Jota was heavily influenced by Nuno Espírito Santo’s preference for Adama Traoré. Nuno believed that Traoré’s pace and direct style were more aligned with his tactical vision for the team at the time. Shi revealed that Nuno and the club had discussions about which player to keep, and ultimately, it was Traoré who was considered more indispensable. The thinking was that Traoré’s attributes could offer something more in Nuno’s system than Jota, who, at the time, was struggling with injuries.
However, this decision, in hindsight, seems far more dubious. Jota was clearly a more productive and well-rounded player than Traoré. While Traoré was a constant menace with his speed and power, he often struggled to deliver the final product in terms of goals and assists. In the 2020/21 season, Traoré scored only three goals and provided three assists in all competitions — a disappointing return considering his talent and the potential he had shown in previous seasons. On the other hand, Jota thrived at Liverpool, scoring 13 goals and providing one assist in his debut season, despite playing a part-time role in a squad full of attacking talent. It’s impossible not to wonder how different Wolves’ 2020/21 season could have been had Jota remained at Molineux and Traoré had moved on.
The impact of Jota’s departure on Wolves was immediately felt. The 2020/21 campaign was a significant downturn for the club. Wolves finished in 13th place, a considerable drop from their previous two seventh-place finishes. The attacking unit, which had once been dynamic and potent, struggled to create and finish chances. The club scored just 36 goals in the Premier League — one of the lowest tallies in the league. Without Jota’s contributions, the team’s offensive output was severely limited, and the season felt like a lost opportunity. The once-vibrant attack that had terrorized opposition defenses now looked one-dimensional and predictable.
While the club had invested heavily in Silva, the young striker struggled to make an impact in his first season. With a lack of creativity and goal-scoring ability from other areas of the squad, Wolves became a far less dangerous team. The side’s inability to replace Jota’s influence in attack, particularly his clinical finishing, was a key factor in their struggles. In contrast, Jota was thriving at Liverpool, playing alongside world-class talents like Mohamed Salah, Sadio Mane, and Roberto Firmino. His 13 goals in the Premier League in his first season were a testament to his quality and adaptability, as he seamlessly slotted into one of the best attacking units in Europe.
As the 2020/21 season unfolded, the frustration among Wolves fans grew. There was a sense that the club had lost its way, and that crucial decisions — particularly the sale of Jota — had been made without fully considering the long-term ramifications. While the financial aspect of the sale made sense at the time, given that £45 million was a sizable fee for a player who had shown flashes of brilliance but also had injury concerns, the on-field consequences were undeniable. Jota was the type of player who could turn a game in an instant, something that Wolves sorely missed in the seasons that followed his departure.
Jeff Shi’s comments about Jota’s sale represent a rare moment of honesty from a club official, especially one in such a high position. It’s not often that a chairman admits to mistakes, but Shi’s regret over the decision to let Jota go underscores just how much the club has struggled in the years since. For many fans, this admission feels like a confirmation of what they had long suspected — that the sale of Jota was a key turning point in the club’s decline. It’s easy to point to this moment as the beginning of a series of questionable decisions that have led to Wolves’ stagnation in recent years.
The question now is whether Wolves can turn things around. With new manager Julen Lopetegui at the helm, the hope is that the club can return to its competitive best. However, it’s hard to ignore the sense of lost potential that hangs over Molineux. Had Jota remained at the club, could Wolves have maintained their upward trajectory? Would they have been able to challenge for European spots once again? And, more crucially, could they have provided Jota with the right supporting cast to continue growing as a player?
Another lingering question is whether Jota could ever return to Wolves. While his current role at Liverpool would make a return to Molineux seem unlikely, there have been occasional murmurs suggesting that Wolves could look to bring him back, particularly if the club can regain its competitive edge and demonstrate ambition. It would undoubtedly be a major coup for Wolves, both in terms of footballing quality and the symbolic gesture of bringing back one of their most important players of the modern era. But whether Jota would consider such a move is another matter entirely. After all, he is part of a squad that is regularly competing for major trophies, and his own stock has risen significantly since his departure from Wolves.
Ultimately, Jeff Shi’s reflection on the sale of Diogo Jota highlights the painful reality of missed opportunities in football. The decision to prioritize Traoré over Jota, in retrospect, looks like a pivotal moment in the club’s recent history. It was a decision that reshaped the team and sent them down a path of stagnation and underachievement. For Wolves fans, the sale of Jota will forever be a reminder of how quickly a club’s fortunes can change, and how one moment of misjudgment can have long-lasting consequences. Whether Wolves can find a way back to the heights they once reached, only time will tell, but the scars of the past few years will be hard to erase.