In a notable development within the world of football, Genoa FC, Italy’s oldest professional football club, has drawn the attention of multiple U.S. investors. With its existing owners, 777 Partners, actively seeking to offload the club for a price tag estimated between €150 million and €170 million, the urgency of the sale reflects the turbulent landscape of ownership that Genoa currently navigates. Following a tumultuous period where 777 Partners lost effective control over their multi-club structure to their primary creditor, A-CAP, the search for new investors has intensified.
Contrary to the fate of some clubs under the 777 Partners umbrella, such as Belgian side Standard Liege and Brazilian outfit Vasco da Gama, Genoa emerges as a relatively healthy asset. Reports indicate that the club is expected to break even or even report a profit before accounting for interest and taxes in the upcoming 2023-24 season. This positive outlook is emblematic of significant strides taken by the current management to rectify previous financial mismanagement.
In recent years, Genoa had recorded staggering losses of €42.3 million in 2021 and €61.7 million in 2022. Nonetheless, an aggressive restructuring strategy spearheaded by CEO Andres Blazquez, which involved workforce reductions, squad optimization, and enhanced sponsorship revenue, has paved the way for a promising turnaround. The proactive selling of valuable players, including Mateo Retegui and Radu Dragusin, collectively generating around €68 million, has also been instrumental in stabilizing the club’s finances while achieving respectable league standings.
The recent dismissal of coach Alberto Gilardino, replaced by Patrick Vieira, underscores an ongoing management overhaul aimed at revitalizing the team on the pitch as much as off it. These changes come in tandem with the club’s enhanced financial health and renewed ambition following its promotion to Serie A. Finished in 11th place last season, a record high for newly promoted teams in Europe’s major leagues, illustrates that the club retains competitive capacity, further enticing prospective investors.
Speculations surrounding potential U.S. interest hint at the growing recognition of Genoa as a viable investment opportunity amid the search for effective ownership. Major investment banks like Moelis & Company have been enlisted to facilitate discussions and explore offers as the process gains momentum. While the identities of these interested parties remain undisclosed during this preliminary phase, the proactive nature of Genoa’s management in reaching out to investors speaks to a strategic intent to foster a smoother transition into new ownership.
As the club approaches the end of the season, the outlook for a sale appears feasible, provided that prospective buyers recognize the intrinsic value of Genoa. With its storied history, rich potential, and recent financial reform, Genoa FC stands at a pivotal juncture. The convergence of these factors creates a unique opportunity for investors seeking a stake in a club with a promising foundation and aspirations for greater success in both domestic and European competitions. The unfolding narrative of Genoa FC will undoubtedly be one to watch closely in the coming months as it embarks on a promising new chapter.