October 20 – US finance and technology firm PEAK6 has bought a minority stake in Premier League Wolverhampton Wanderers via Wolves holding company Fosun Sports.
“The investment makes PEAK6 a new strategic partner to Wolves, who will help Fosun Sports accelerate the club’s growth in North America by providing capital, expertise, visibility, and activation opportunities for Wolves and Wolves Esports across the USA.,” said a Wolves press release.
The shareholding in Fosun Sports, a subsidiary of Fosun International, gives PEAK6 a position in other Wolves-related businesses including Wolves Esports, Wolves Records and Chinese fashion brand WWFC. It also brings closer together the corporate links between PEAK6-owned esports business Evil Geniuses who are Wolves’ esports partner
Based in Chicago, PEAK6 has previously owned stakes in Serie A’s AS Roma as well as AFC Bournemouth (now in the Championship) and NHL franchise Minnesota Wild.
James Baboulas, PEAK6’s associate general counsel and member of PEAK6’s Strategic Capital team, will join the supervisory board of Fosun Sports, and PEAK6 capital management trader John Makowiec becoming a director of WW (1990) Limited.
No information was given to the size or value of the minority stake acquired by PEAK6. Wolves reported a pre-tax loss of about £37.3 million pounds in the Covd-affected financial year ending May 2020. The club said it would have made a £20.2 million profit if it weren’t for the pandemic.
In a statement on the club’s website Wolves’ executive chairman Jeff Shi said: “We have been in deep conversation with PEAK6 for more than a year and we are delighted to welcome them officially to the Wolves family…
“Earlier this summer we announced a partnership with Evil Geniuses that saw us offer them a presence in China through our networks there, and now this partnership provides Wolves a firm foothold in all major areas of the globe: the USA and Americas, Europe and Asia.
“As well as great opportunities, we hope PEAK6 can help bring Fosun Sports and Wolves knowledge, wisdom and learning, and support Fosun Sports to become a sports industry group with global influence and much success.”
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