Wolves captain Conor Coady headed a dramatic 97th-minute equaliser to deny Chelsea victory on the day the sale of the club was agreed.
With Todd Boehly - the man leading the consortium's purchase - watching on at Stamford Bridge, Romelu Lukaku looked to have secured victory for the Blues with two goals in three second-half minutes.
But Wolves substitute Francisco Trincao pulled one back with a spectacular effort 11 minutes from time and Coady headed in to level seven minutes into added time.
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The Blues' future is now seemingly resolved and despite their late collapse the point edges them closer to a Champions League spot - they remain third with three games to play, six points clear of fifth-placed Tottenham, who visit Liverpool later.
Wolves' late comeback means they ended a run of three successive Premier League defeats and stay eighth.