Tom Wagner co-founded a hedge fund company that aims to “unlock value where others see risk.” Before that, he spent years running the distressed and high-yield credit trading desks at Goldman Sachs Inc. His latest venture has also proven to have no shortage of risk and distress.

The 55-year-old American financier bought Birmingham City FC in 2023 and is aiming to transform the English football club into a prime brand from a troubled asset, replete with new arena and a team that can ultimately compete in the Premier League.

Yet the rebuilding comes after a torrid baptism in a sport that has more jeopardy than US competitions. In Wagner’s first year, Birmingham was relegated to football’s third tier for the first time in three decades.

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