SERIE A - Genoa sold to private equity fund 777 Partners
Genoa confirmed on Thursday that they had been purchased for a reported 150 million euros ($175 million) by American private equity firm 777 Partners, ending the 18-year ownership of Italian tycoon Enrico Preziosi.
"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 in 2003, when the nine-time Italian champions were in the hands of liquidators. Genoa was formed by Englishmen in 1893 as a cricket and athletics club.
Since Preziosi's arrival, Genoa supporters have had nothing to shout about, with the club winning no trophies and only once finishing in the top ten in the last ten seasons.