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Kristian Thomas and Stuart Dangerfield represented the city in gymnastics and cycling respectively and have many accomplishments in their sports.
Meanwhile, Mark Farnell became the first Paralympic athlete to be inducted into the Hall of Fame along with the city's only winter Olympian, bobsleigher Andrew Booton.
Kristian, who is from Wednesfield, represented Great Britain in the Olympic Games in 2012 when the team came third and again in 2016 where he captained the team to fourth place.
He said being inducted into the Sporting Hall of Fame was another proud achievement. He said: "Sport is something I've grown up with and I'm passionate about, so to receive recognition from the Sporting Hall of Fame for all of this hard work is something I'm very proud to have achieved."
Mark, who is visually impaired, was the first Paralympian to be inducted into the Hall of Fame. He has represented the country numerous times at the Paralympic Games, World Para Athletics Championships and Para Athletics European Championships.
He said: "I really enjoyed the event and it was great to get recognition for what I've done.
"I'm proud to be the first Paralympian added to the Hall of Fame and hope that I can inspire others. This award is mainly for my parents though - without them I'm not sure what I would have done with my life, but none of this would have happened."
The Sporting Hall of Fame was launched in 1999 by the City of Wolverhampton Council and Wolverhampton City Sports Advisory Council to recognise and celebrate the achievements of sportsmen and women who have represented the city on an international stage.
Joining Kristian and Mark were Stuart, a member of Wolverhampton Wheelers Cycling Club who has represented his country at the Olympic Games, Commonwealth Games and World Time Trials. In 2001, he broke the British record for the 10 mile time trial.
Meanwhile, Andrew is Wolverhampton's only winter Olympian and competed in the games in 1992 as part of the bobsleigh team.
Saturday's event was attended by friends and family as well as by Wolverhampton's Deputy Mayor Councillor Claire Darke and the City of Wolverhampton Council's Cabinet Member for City Environment, Councillor Steve Evans. Also in attendance were local MPs Eleanor Smith and Pat McFadden and sports representatives from across the city.
Councillor Evans said: "Wolverhampton's Sporting Hall of Fame gets bigger each year and provides a fitting and lasting tribute to amateur and professional sportspeople who have represented Wolverhampton with such distinction on a local, national and international stage.
"I would like to congratulate Kristian, Stuart, Mark and Andrew on their successes and welcome them into the Sporting Hall of Fame."
Members of Wolverhampton City Sports Advisory Council have already started preparing to induct more sporting greats into the Hall of Fame next year.
Chairman Peter Holmes MBE said: "The members of the Sporting Hall of Fame have all dominated a world stage, either by playing or coaching, and have been wonderful role models for youngster generations.
"It is right and proper that we continue to mark their achievements in this way."
Caption: Four more sports stars have entered Wolverhampton's Hall of Fame. Pictured are, front centre, Olympic gymnast Kristian Thomas, with back row, l-r, Deputy Mayor of Wolverhampton Councillor Claire Darke, Paralympian Mark Farnell, Winter Olympian Andrew Booton, Olympic cyclist Stuart Dangerfield, and Peter Holmes MBE, Chairman of Wolverhampton City Sports Advisory Council
- released: Monday 24 September, 2018