“You’ve sold the team – now sell the club,” chanted fans at Molineux in October as frustrations reached boiling point.
Shi’s interview with BBC WM in December, when he appeared to brush off relegation, did not land well with supporters, and the under-fire executive chairman left barely six weeks after Pereira was fired in November following two points from their opening 10 games.
Shi’s departure after almost a decade removed a toxic focal point for the fans, but angst against Fosun remains.
Fosun remains committed to the club despite looking for investment into Fosun Sports Group, having held talks with former Crystal Palace co-owner John Textor in October.
There is an expectation the ownership will provide funds to give Wolves the best chance to return to the Premier League at the first attempt, but supporters will struggle to forgive their mis-steps.
Wolves have had six permanent managers since Nuno Espirito Santo left in 2021 – seven including Steve Davis’ eight-game interim spell in 2022.
Fosun will mark 10 years of ownership in the summer and early success has given way to a slow decline.
Nuno took Wolves to promotion in 2018 and two successive seventh-place finishes, the Europa League quarter-finals and an FA Cup semi-final.
He left after finishing 13th and, despite a 10th place under Bruno Lage in 2022, Wolves have slowly slipped to 13th, 14th and then 16th last season.
Julen Lopetegui, Gary O’Neil and Pereira felt they did not get the backing they wanted, but there is more synergy between the new hierarchy of Nathan Shi – appointed as executive chairman in December – Matt Jackson, promoted to technical director, and Edwards.
Nathan Shi is said to be more willing to understand what the club need – and try to provide it – while there is a sense predecessor Jeff Shi would have been more resistant to change.
Comparisons can be drawn with Leicester and Southampton last season, Wolves initially shared that toxic cloud earlier this season which has, in the Foxes’ case, failed to lift.
At times this season it has been difficult at Molineux – Pereira and Jorgen Strand Larsen arguing with fans after a last-gasp defeat by Burnley in October is one example – but Edwards restored some unity.
After joining from Middlesbrough in November, he lost his opening seven games but has slowly improved the squad, running stats are up, intensity improved and Edwards is popular among the squad.
He works well alongside assistant Harry Watling, the pair dovetailing well with a good blend of support and strong words to the squad.
The win over Aston Villa in February provided the moment where the bond with supporters could stick, Edwards sprinting down the touchline after Rodrigo Gomes’ stoppage-time clincher as fans went wild.
They had earlier chanted “1-0 to the Championship”, signalling an acceptance of their fate – something which had happened internally a month earlier.
January’s win over West Ham – after Wolves set a Premier League record with a 19-game winless start – gave a glimmer of hope, and draws against Everton and Newcastle aided that.
Yet it was acknowledged Wolves needed at least one win from those two games to maintain hopes of an improbable comeback, and defeat by Bournemouth at the end of January changed the tone.
It was the reason for the late business in the transfer window, with Strand Larsen leaving for Crystal Palace for £48m on deadline day and Angel Gomes and Adam Armstrong arriving with next season’s Championship campaign in mind.
Wolves needed to start the rebuilding process early.
Relegation has been a long time coming.