(Bloomberg) —
Peak6 Group LLC has taken a minority stake in Wolverhampton Wanderers FC, another sign of American investors increasing their influence across European soccer.
The Chicago-based finance and technology group has acquired an undisclosed share in Fosun Sports, the holding entity that operates Wolves and its associated brands and businesses, according to a statement Tuesday.
Wolverhampton Wanderers has been owned by China’s Fosun International Ltd. since 2016. Known as Wolves, the club plays its soccer at Molineux Stadium, a roughly 32,000 capacity arena in the U.K.’s midlands region.
Peak6 is returning to U.K. soccer, having previously held a 25% stake in AFC Bournemouth. It also has an interest in the Irish soccer team Dundalk and it used to own stakes in AS Roma and the NHL franchise Minnesota Wild.
Foreign Money
Peak6 rejoins a growing list of American investors at the top of the sport. Arsenal FC, Liverpool FC and Manchester United FC are among the U.K. clubs that already count U.S. owners.
Elliott Management Corp. took control of AC Milan in 2018 after Chinese owner Li Yonghong defaulted on debt obligations. Funds managed by Ares Management Corporation acquired a 34% stake in LaLiga champion Atletico in June. AS Roma FC, Venezia FC, ACF Fiorentina, Spezia Calcio, and Bologna F.C. 1909 have all been bought by American investors.
The Premier League has remained one of the main targets for foreign investment. This month, the U.K.’s Newcastle United FC was taken over by a consortium led by Saudi Arabia’s Public Investment Fund.
Peak6’s investment comes as Wolves, like clubs across the continent, assesses its financial health in the aftermath of Covid-19 suspensions and shutdowns.
The club reported a pre-tax loss of about 37.3 million pounds ($51.2 million) in the year ending May 2020, according to its most recent accounts filed with Companies House. Wolves estimates it would have made a 20.2 million profit under normal operating circumstances, the accounts show.
Two Peak6 representatives will take advisory positions, according to the statement.
“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,” Wolves executive chairman Jeff Shi said.
Earlier in the year Wolves and PEAK6 announced a partnership with Evil Geniuses, an esports franchise owned by the American group. Wolves has recently launched a record label.
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