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.