(Bloomberg) -- Peak6 Investments has sold its minority stake in a holding company that operates Premier League team Wolverhampton Wanderers, according to people familiar with the matter.

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Fosun Sports Group recently bought back the shares held by the Chicago-based fintech firm for about $50 million, said the people, who asked not to be identified as the information is private. Peak6’s exit came about three years after it acquired the stake in the Fosun International Ltd.’s unit.

Representatives for Fosun Sports and Peak6 declined to comment.

Known as Wolves, the club is currently standing in bottom place in the Premier League after failing to win a single match more than a quarter into this season. Its Molineux Stadium can host roughly 32,000 spectators in the UK’s midlands region. The team had a net loss of about £67 million ($87 million) on a revenue of £168.6 million in the financial year ended May 31, 2023.

Fosun International acquired Wolves in 2016 and created Fosun Sports to hold the club. Besides the football team, Fosun Sports also runs e-sports teams, mobile games and a music label, its website shows.

Wolves is one of the last Chinese owned professional football teams in Europe after a change in government policy which had previously encouraged investors to take stakes or control of foreign teams. Beijing’s crackdown on outbound acquisitions and a slower domestic economy have seen Chinese owners exiting sports clubs among other overseas assets.

Peak6 Investments, led by co-founders Jenny Just and Matt Hulsizer, invests across a diverse range of asset classes with core brands include Peak6 Capital Management, Peak6 Strategic Capital and Apex Fintech Solutions. It previously held stakes in another Premier League team AFC Bournemouth and Italian football club AS Roma.

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