Genoa, a historic name in Italian football and the oldest club in Italy, is reportedly open to a sale, with U.S. investors expressing initial interest in acquiring the club. The current ownership under 777 Partners is looking for potential buyers, aiming to secure anywhere between €150 million and €170 million (approximately $180 million) for the transition of ownership. The involvement of investment bank Moelis & Company to scout for possible suitors highlights the seriousness of this initiative. With the backdrop of 777 Partners losing control of their multi-club portfolio to their primary creditor, American insurance firm A-CAP, Genoa’s unique position separates it from other distressed assets in their portfolio.
Despite the turmoil surrounding its ownership, Genoa presents an optimistic financial picture. Unlike other clubs owned by 777 Partners, which include the struggling Standard Liege and Vasco da Gama, Genoa is expected to post a profit for the 2023-24 season. The club’s financial transformation has been remarkable, especially considering its reported losses of €42.3 million in 2021 and €61.7 million in 2022. Under the leadership of CEO Andres Blazquez, Genoa has initiated several cost-cutting measures, including significant reductions in the wage bill and a restructuring of the team that has increased sponsorship revenue significantly.
The proactive approach to managing finances is further exemplified by Genoa’s strategic player sales earlier this year. The transfers of Mateo Retegui to Atalanta, Radu Dragusin to Tottenham, and Josep Martínez to Inter Milan netted a combined €68 million. This financial maneuvering not only alleviates past losses but also positions the club more favorably in the competitive landscape of Italian football. Finishing in 11th place in Serie A last season marked it as the highest finish among newly promoted teams across Europe’s top leagues, showcasing the potential for growth and sustainability within the club.
Interest from North American Investors
The interest from U.S. parties hints at a broader strategy of attracting overseas investments into Serie A clubs, potentially revamping the league’s image and competitive viability. Although the identities of these investors have yet to be disclosed, their engagement indicates a significant opportunity for Genoa, especially given its stable financial outlook amid a rollercoaster ownership history. With the sales process in its early stages, the club anticipates bids will be tabled with a target completion by season’s end.
As Genoa embarks on this pivotal chapter, the combination of sound financial practices, a rich history, and newfound investor interest paints a promising picture for the club. If successful in the sale, the new ownership will inherit a club with room for growth and an opportunity to foster a deeper connection with a passionate fanbase. Genoa appears set on solidifying its role not just as a participant in Serie A, but as a beacon of innovation and resilience in the world of football.