Wolves still targetting more investors
Wolves are still looking to attract investors in the club after landing their latest business breakthrough, the Express & Star understands.
At the same time as launching new subsidiary company Fosun Sports, the Wolves owners have welcomed US investment firm PEAK6 as minority shareholders this week.
With the Chicago-based group understood to have made a fairly small investment, the move is seen as a long-term plan to allow Wolves and Fosun to grow their brand overseas and tap into the lucrative North American market.
As a result, it is unlikely fans will see any significant return in the short-term as head company Fosun International, and subsidiary Fosun Sports, aim to strengthen their standing. It is then hoped that PEAK6 will be the first of many ‘strategic partners’, who Fosun can exchange expertise with and grow Wolves in North America.
The club had plans for a US pre-season tour last year, before Covid-19 put a stop to it, and the club are believed to be considering a similar trip in the future.
The club’s Esports group will also play a big part in the partnership with PEAK6, as well as Wolves Records and fashion brand WWFC, which are now all under the Fosun Sports umbrella alongside the club.
With the club’s plans to strengthen their footing overseas, it is understood they want to prove they are progressing well enough to attract investors.
Executive chairman Jeff Shi revealed in 2019 he was targeting ‘any new partnership, new funding, new sponsorship’ to help take Wolves to the next level.
The business ventures away from football are all geared towards making Wolves self sustainable and keeping them out of significant debt, as they aim to make the club an attractive proposition for potential investors. The PEAK6 deal moves the club in the right direction, too, as they build their global presence as a brand, as Shi said this week: “this partnership provides Wolves a firm foothold in all major areas of the globe: the USA and Americas, Europe and Asia.”
The latest move with PEAK6 also saw James Baboulas join the supervisory board of Fosun Sports and John Makowiec join as a director at Wolves, however the running of the club has not changed.
