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Italian football club Genoa sold to US investment firm

 

Genoa announced on Thursday they have been bought by American private equity fund 777 Partners for a reported 150 million euros ($175 million) as Italian businessman Enrico Preziosi 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.

Preziosi, 73, took over Genoa, who were founded by Englishmen in 1893 as a cricket and athletics club, in 2003 with the nine-time Italian champions in the hands of liquidators.

Genoa fans have had little to cheer about since Preziosi’s arrival though, winning no trophies and only finishing in the top 10 once in the past 10 seasons.

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When they did, taking sixth place in 2015, they were denied a place in the Europa League as they were unable to obtain a UEFA licence from the Italian Football Federation.Their place was given to their local rivals Sampdoria, who finished seventh

777, who reportedly hold a stake in La Liga side Sevilla, are a private investment firm based in Miami.

In a July press release, the company said it operates a portfolio of nearly 50 companies and that it has amassed $6 billion in assets since its inception.

Their most recent acquisitions are insurance companies Synchrono Group in August 2021, for $3.2 million and Ensurem in March 2021 for an undisclosed amount.

777 Partners also ordered 24 Boeing 737 MAX airplanes back in March.

 

 

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