Cairo pledges support for AngloGold Ashanti to accelerate Sukari mine operations    New Egypt–European scientific cooperation programmes coming soon: EU ambassador    Egypt trains Palestinian police for future Gaza deployment as ceasefire tensions escalate    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Golden Pillars Developments unveils Swar project as part of EGP 15bn investment plan    Three kidnapped Egyptians released in Mali after government coordination    Egypt raises minimum, maximum insurance wage starting Jan 2026    Egypt's EMRA signs MoU with Xcalibur for nationwide mining survey    How to Combine PDF Files Quickly and Easily    Egypt's agricultural exports climb to 8.5m tons in 2025    Maternal, fetal health initiative screens over 3.6 million pregnant women    Ahl Masr Burn Hospital Concludes First Scientific Forum, Prepares for Expanded Second Edition in 2026    Australia returns 17 rare ancient Egyptian artefacts    Egypt expands rollout of Universal Health Insurance    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Genoa, Italy's oldest soccer club, sold to American company
AP Published in Ahram Online on 23 - 09 - 2021

The oldest soccer club in Italy is the latest in a growing number of Serie A teams with North American owners.
Genoa, which was founded in 1893, was sold to the private investment firm 777 Partners, the club announced Thursday, in a deal reportedly worth 150 million euros ($175 million).
``The new ownership group will purchase 99.9% of the share capital in Genoa, inject fresh capital into the club and will assume certain related liabilities,'' a statement announcing the ownership change said. ``The club's previous owner, Enrico Preziosi, will remain on the club's board of directors, while CEO Alessandro Zarbano will continue to run the day-to-day operations of the club.''
Preziosi had been looking to sell Genoa for some time after 18 years in charge.
``The time has come to pass the torch,'' Preziosi said. ``I have always said that I would leave Genoa only to a strong and reliable new owner.''
The investment was led by Josh Wander and Steve Pasko, the founders of 777 Partners, as well as Juan Arciniegas, who oversees the firm's sports, media and entertainment investments, and Andres Blazquez, the operating partner who helps manage the company's soccer investments.
``We are profoundly humbled to be a small part of the rich history, heritage and tradition of Genoa,'' Wander said. ``We understand and respect the responsibility we are inheriting to preserve and protect the proud legacy of the Rossoblu, and we are committed as custodians of that legacy to help the club reclaim its place at the top of Serie A.''
Six other teams in the top division have North American owners: AC Milan, Roma, Fiorentina, Bologna, Spezia and Venezia. So does Parma, which was relegated to Serie B for this season, while Inter is controlled by China's Suning Group.
Miami-based 777 Partners also owns a small stake in Spanish club Sevilla, as well as the London Lions basketball team.
Genoa won the last of its nine Italian league titles in 1924. The team has one win and four points from its opening five matches in Serie A this season, having finished 11th in 2020-21.
(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)

Clic here to read the story from its source.