The Athletic says the American has made contact with Fosun, Wolves' owners, and tabled an offer for the Premier League stugglers.
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The bid is worth over £400m and it consists of cash and shares.
However, Fosun and Wolves chairman Jeff Shi has no interest in selling up and are only seeking to part with a minority stake. Such a situation doesn't suit Textor, who is prepared to look elsewhere for his next investment.
Textor is seeking to pair up his Brazilian club, Botafogo, with an English team where he can bring through Brazilian and South American talent.