Now Wolves are the latest club to be taken over by a billionaire with cash to burn.
In the UK it is particularly known for its investment in luxury nursery brand Silver Cross and international travel company Thomas Cook.
During his time Manchester City have spent £934m on transfers and hold the British record fee, the £62m purchase of Belgian international Kevin de Bruyne.
History repeating itself, unbeaten runs and an unhappy anniversary, BBC Sport analyses the big points from the Football League.
Described by some as a low-profile workaholic, Guo hit the headlines in December last year when he disappeared for several days.
In the early decades of the club a variety of shirt designs using these colours were created, including stripes and diagonal halves, until the continual usage of a plain shirt design since the 1930s. Before the 1960s a darker shade of gold was used, known as "old gold", which is still often cited in the media as the club's colour.
The club invites interaction with its supporters, and held a Fans' Parliament, usually attended by then-CEO Jez Moxey, which invited independently selected candidates to attend meetings at Molineux every two months up to the acquisition of the club by Fosun in July 2016 An independent fanzine named A Load of Bull (ALOB), in part reference to leading goalscorer Steve Bull, published supporters' views between 1989 and 2012.
Guo’s model was Warren Buffett, the legendary US investor, and over the next 24 years the business grew into a conglomerate managing more than US$100 billion of assets.
The Wolverhampton Wanderers Hall of Fame has inducted the following former players:
He studied philosophy, but showed his business brain early on, going door to door selling bread to his fellow students to earn money to cover his monthly expenses.
Roman Abramovich is second on the list with £6.2bn to his name.
The club is owned by the Chinese conglomerate group Fosun, which purchased the club on 21 July 2016 for a reported £45 million from previous owner Steve Morgan.
It turned out he had been detained by Chinese police and was ‘assisting authorities with an investigation’ linked to a corruption case.
The first high-profile international deal for Fosun was buying a stake of holiday resort operator Club Med.
The 49-year-old is the 17th richest Chinese man on this year’s Forbes Rich List.
At 18 he received a government bursary to attend Shanghai’s prestigious Fudan University – now considered one of the top 100 university’s in the world.
Like many of his fellow Chinese business leaders, Guo appears to be following the lead of China’s president, Xi Jinping, who wants his country to become a world leader in football.
As China started encouraging enterprise and business, he and four student friends started up their own company in 1992, to advise foreign companies that were trying to get a foothold in the country.
"When he plays on snow, he doesn't leave any footprints." ManagerWed 11 Jan 2012
A teenager who was part of a group that left a rival football fan with a life-changing brain injury is sentenced to two years in prison.
Tottenham Hotspur’s owner Joe Lewis is fifth in the list – with his estimated worth of £4bn just below Mr Guangchang’s.
For details on all former players, see List of Wolverhampton Wanderers F.C. players
After the takeover by Fosun International, an informal partnership was introduced between between Wolverhampton Wanderers and S.L Benfica. Through the inclusion of Jorge Mendes, three S.L Benfica players and two former S.L Benfica players moved from their respective clubs to Wolverhampton Wanderers in the Summer 2016 transfer window.
Wolves Women became the club's official women's team in 2008. They currently play at the third level of women's football, the FA Women's Premier League Northern Division. Their home games are held at Hednesford Town's Keys Park stadium.
The following month he was on stage in apparently fine form with Portuguese sports agent Jorge Mendes at a high profile event marking a tie-up between Mendes’ Gestifute company and Foyo, the entertainment arm of Guo’s Fosun empire.
Due to their close proximity, Wolves also share rivalries with the two Birmingham clubs, Aston Villa and Birmingham City, both of whom they have faced numerous times dating back to the 19th century. Their closest geographic rival is Walsall but, as they rarely competed at the same level, this is of less significance. As Wolverhampton historically sat in Staffordshire, a Staffordshire derby between them and Stoke City was once recognised.
Kenny Jackett's men will get their season underway with a trip to the New York Stadium, to face Alan Stubbs' Rotherham United.
Having become professional, the club were nominated to become one of the twelve founder members of the Football League in 1888, in which they played the first Football League match ever staged (against Aston Villa). They ended the inaugural season in third place, as well as reaching their first FA Cup Final, losing 0–3 to the first "Double" winners, Preston North End. At the conclusion of the campaign the club relocated for a final time when they moved to Molineux.
A first win for Leeds and a scorer born in 2000 all feature in our round-up of things you may have missed in the EFL.
That has been more difficult since marrying his current wife, Wang Jinyuan, a well-known television anchor in Shanghai.
Wolverhampton Wanderers Academy is a Category 1 status facility and has produced several high-profile graduates including internationals Robbie Keane and Joleon Lescott. Many other players have gone on to play first team football at Molineux, including current players Danny Batth, Carl Ikeme and Jack Price. The academy is managed by Gareth Prosser and is based at the club's Sir Jack Hayward Training Ground.
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While his company has a high profile, Guo has apparently tried to keep his personal life under the radar.
It is one of the largest non-state owned enterprises in China.
Wolverhampton Wanderers Under-21s compete in the newly created Division 2 of the Premier League 2. The club qualify as an entrant in the competition by virtue of their academy holding Category 1 status. Although the league is designed for players aged 23 and below, three overage players may also feature. Home games are primarily staged at AFC Telford United's New Bucks Head home.
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A devotee of Tai Chi, the Chinese combination of exercise and philosophy with balance at its heart, Guo has built his business empire balancing the demands of China’s communist political elite on one side and his entrepreneurial drive on the other.
But George Saville reduced the arrears just before the break and then 12 minutes after Iorfa saw red for a professional foul, Jon Dadi Bodvarsson slammed home from an acute angle. Understandably, Stubbs moaned about dropping two points.
"It was mixed, I was pleased with certain elements and a part of me was frustrated as we didn't get a reward for the position we put ourselves in.
In the all-time table since the league's inception in 1888, Wolves sit in the top four in terms of all-time league position. Cumulatively, they are the ninth most successful club in English domestic football, behind Manchester City, with thirteen major trophy wins and an overall twenty-three trophy successes (see here).