American firm takes over Italian football club Genoa
American private equity fund 777 Partners have bought Italian football club Genoa for around 150 million euros ($175 million).
The club which previously belonged to Italian businessman Enrico Preziosi announced the takeover in a post on its social media handle.
Upon Genoa’s takeover by the American firm, Enrico ends his 18-year ownership of Italy’s oldest football club.
“The new owner group, which will acquire 99.9 per cent of Genoa’s share capital, will pay new capital into the club and will assume some related liabilities,” the statement said.
“The previous owner, Enrico Preziosi, will remain on the board of directors, while CEO Alessandro Zarboni will continue to manage the day-to-day operations of the club,” it added.
Genoa fans would be optimistic about winning trophies upon the takeover as the club have not yet won any trophies since Preziosi bought the club years back.
They have also finished just once in the top 10 over the past decade. That season (2015) they ended sixth and were denied a place in the Europa League as they were unable to obtain a UEFA licence from the Italian Football Federation.
777 Partners which hold a stake in La Liga side Sevilla, are a private investment firm based in Miami.
They invest in six broad industries: insurance, consumer and commercial finance, litigation finance, direct lending, media and entertainment and aviation.
“We understand and respect the responsibility we are inheriting, we want to preserve and protect the proud Rossoblu heritage by aiming for the best possible positions in Serie A,” 777 founder Josh Wander said.
This post was written by Muhamin Olowoporoku and was first published at pmnewsnigeria.com