American investment firm buy Genoa for €150m

by | Sep 22, 2021 15:09

According to multiple reports in Italy, American investment firm 777 Partners have formally bought a majority stake in Genoa for €150m.

Several rumours suggested Genoa President Enrico Preziosi was about to sell a majority stake in the club to the American firm and according to multiple reports in Italy, the two parties finalised the agreement this morning.

777 Partners is a Miami-based private investment firm that ‘invests across a number of high growth attractive verticals with a strong focus on financial services.’ They also own minority shares of La Liga side Sevilla.

A previous report from La Gazzetta dello Sport claimed Preziosi will remain at the club as a minority shareholder for three years and will continue to represent the club within the Lega Calcio and at an institutional level.

According to Calciomercato.com, 777 Partners have bought Genoa for €150m, including debt repayment.

Preziosi bought Genoa in 2003 after the club’s relegation to Serie C1. An official statement from the club is expected in the coming hours.

Enrico Preziosi

4 Comments

  1. Basta Poco

    Reading some of the comments from Genoa fans on another site, this sale is being positively viewed. That aside, I’m skeptical about this company, would prefer an owner having a revenue stream at least partially based on commodities rather than “structured-credit, risk, analytics, complex commercial litigation and computer science”

  2. Milan Fan

    Either Fiorentina was sold for peanuts or Prezosi has made a master stroke here.

  3. Basta Poco

    @Milan Fan A bit of both perhaps. Looking at Genoa’s current market value, they were bought at a premium. Relative to Fiorentina’s current market value, Commisso got the team on a discount. So we have a shrewd buyer in ’19 and seller in ’21

  4. Vero Rossonero

    @Milan Fan, well, the article states that the fee includes debt repayment. So a part of the 150mm figure is going directly to creditors and is not necessarily reflected in the “value” of the club.

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