Option 2 is obviously not the preferred one, but being in the Championship does not necessarily make a sale more difficult because less people are going to expect a buyer to pay a fee that may or may not be unrealistic right now.
Worst case scenario, Wolves becomes a ghost club like Swansea.
I worked with Trevor Birch when he was appointed CEO there. The owners didn't want to sell without getting their money back, and they also didn't want to invest anything at all. Birch said like it was: "between July 31 2017 and July 31 2018, we had a total turnover of £125m. By 2022, the turnover needs to be - and will be - £17m".
Instructions were clear: sell everything possible to sell (we we're lucky because manager Graham Potter had done a great job with some of the young players in the club), downsize the academy, only bring in players on loan or for free. Keep sustainable until a fluke promotion to the PL or some unlikely bidder showing up.
Their American owners still had to put in a little bit of money, despite being very reluctant to do so, in order to keep the club running. They're probably still doing that, But unlike in the Premier League, where only Brighton & Hove Albion is profitable and most clubs make severe losses, the amounts are not eye-watering. You can be a (nearly) ghost ship in the Championship and if you're very good at cutting costs, you can profit from the first year of parachute payments.
There is a bit of speculation from my part in these posts, but I can repeat what I know for certain: Fosun does not want to run a football club. They don't have the money, the expertise or the support from their lenders. They want to get out, but they don't want to sell it cheaply because there's a lot of people in China watching them and expecting them to sell their properties and assets at good value. And currently there's not much interest.
Another thing I know is that they've realised that the Wolves brand is a lot more valuable than sporting success. You could have eleven Joacim Bjorcklund and the club would still be worth £100-200m. Obviously this won't happen as they don't want the spotlight, which would be the case if Wolves ended up at the bottom of the league with no points. But the days were Fosun cared about what happened on the pitch, and the quality of the squad, are over.