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- 777 Partners to inject fresh capital into Genoa and assume related liabilities, while also further commercialising club’s operations
- Outgoing owner Enrico Preziosi to remain on board of directors, with CEO Allesandro Zarbano continuing to run day-to-day operations
- Other Serie A clubs with North American owners are AC Milan, AS Roma, Bologna, Fiorentina, Spezia and Venezia
US private investment firm 777 Partners has completed its takeover of Italian top-flight soccer side Genoa.
The Miami-based company has agreed to buy 99.9 per cent of the club’s shares in a deal that, according to Reuters, values Italy’s oldest team at some US$150 million.
777 plans to inject fresh capital into Genoa and will assume certain related liabilities, according to a statement, which added that the team’s new owners also intend to further commercialise the operations of the Serie A club.
The deal ends the ownership tenure of Enrico Preziosi, who has presided over Genoa since 2003 and will remain on the board of directors, while chief executive Alessandro Zarbano will continue to run the club’s day-to-day operations.
“The time has come to pass the torch,” said Preziosi. “I have always said that I would leave Genoa only to a strong and reliable new owner, and I leave it in the hands of 777 Partners. To them, who will now lead the oldest club in Italy, I wish the best. I will always remain a Rossoblu fan.”
The purchase of Genoa adds to 777’s sports team portfolio, which includes a significant stake in Spanish soccer side Sevilla and the London Lions British Basketball League (BBL) outfit.
In addition, 777’s other investments include sports live streaming service Fanatiz, as well as dedicated women’s soccer company Atalanta Media.
The investment in Genoa was led by Josh Wander and Steve Pasko, who are the founders of 777, alongside managing director Juan Arciniegas and Andres Blazquez, the operating partner who helps to manage the firm’s soccer investments.
“We are profoundly humbled to be a small part of the rich history, heritage and tradition of Genoa,” said Wander. “We understand and respect the responsibility we are inheriting to preserve and protect the proud legacy of the Rossoblu, and we are committed as custodians of that legacy to help the club reclaim its place at the top of Serie A.”
Genoa, who sit 16th in Serie A, are now one of seven clubs in Italy’s top flight under North American ownership, joining AS Roma, Bologna, Fiorentina, AC Milan, Spezia and Venezia.
