Wolverhampton Wanderers owner Fosun has acquired back a minority stake in its sports subsidiary from PEAK 6.
According to the New York Times, the Chinese conglomerate has bought back the shares in Fosun Sport from the Chicago-based investor for around $50m (£39m).
The subsidiary operates the Premier League football club and secured the investment from PEAK6 three years ago in an effort to grow the club and Wolves Esports across the US.
Wolves said in 2021 that the investment from PEAK6 would “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”.
The deal led to the creation of Fosun Sports, a subsidiary of Fosun International and a portfolio of sporting businesses and investments built around Wolves and the Wolves brand.
PEAK6 Investments, led by Jenny Just and Matt Hulsizer, previously owned stakes in AS Roma, AFC Bournemouth and NHL franchise Minnesota Wild.
Its director John Makowiec became a director of Wolves at the time and has now stepped back following Fosun’s acquisition.
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