Serie A mainstays Genoa announced in an official statement on Thursday that an American investment firm had acquired the club. This buyout ended an 18-year-old association of Italy’s oldest football club with Italian businessman Enrico Preziosi.
US private equity fund 777 Partners purchased the club for a reported €150m fee. In a recorded announcement issued by Genoa, club officials stated,
“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 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.”
Having bought the club in 2003, Preziosi’s takeover could not bear any major trophies to fans’ disappointment. Moreover, the Italian royalties only have one top-half finish in the past decade to show for their efforts.
The 73-year-old business tycoon acquired the major stakes in the club 18 years ago, with Genoa languishing in the hands of liquidators. The nine-time Scudetto winners, who were initially founded as a cricket and athletics club in 1893, were saved from near bankruptcy following Preziosi’s buyout.
The club’s purchase by 777 Partners will commence a new era in Genoa’s rich history, and fans would be hoping to enjoy some silverware under their tenure.