777 Partners acquires Serie A Genoa CFC for $ 150 million – Sportico.com
777 Partners, a Miami-based alternative investment firm, has acquired full ownership of Italy’s oldest professional football team, Genoa Cricket and Football Club. The private equity firm reportedly bought the club for $ 150 million at enterprise value, according to people familiar with the deal.
Founded in 1893, Genoa CFC play in the Italian premier league, Serie A, and have won the Italian championship nine times. The 128-year-old club finished in 11th place in the 2020-21 season.
The investment was led by Josh Wander and Steve Pasko, the founders of 777 Partners, as well as Juan Arciniegas, the managing director who oversees the company’s investments in sports, media and entertainment, and Andres Blazquez, the operating partner who helps manage the company’s football. investments.
âAs you know, we’ve been looking at sports teams for a long time,â Arciniegas said. Sportico. âWe have a significant stake in [LaLigaâs] Seville. We bought the London Lions [basketball team]. Italy was an attractive market. And Genoa has become for us the first acquisition target.
In addition to merits such as the team named after Italy’s sixth largest city, Arciniegas said: âIt carries an incredible amount of tradition. It was the perfect team to be involved in. “
The 777 team will inject new capital into the club and take on certain related responsibilities. He will also use his expertise in the sports, media and entertainment industries to help further market the club’s operations. Former Genoa CFC owner Enrico Preziosi will remain on the board, while CEO Alessandro Zarbano will continue to manage day-to-day operations. âWe plan to build the project in the medium and long term,â Arciniegas said.
Founded in 2015, 777 Partners own a 15% stake in Sevilla FC, currently seventh in Spanish La Liga, as well as the London Lions, the capital’s only team in the British Basketball League. The company’s sports, media and entertainment portfolio also includes Fanatiz, a streaming service that distributes live sports to European and Hispanic audiences in more than 90 countries; 1190 Sports, which manages and sells sports rights; Atalanta Media, the very first distribution, engagement and community platform dedicated to women’s football; and Uplay, a Canadian platform for community service, academics and basketball.
While the Genoa project is a top priority, the company continues to seek opportunities in Europe and South America. âSome of these leagues are changing their names to make it easier to invest in them,â Arciniegas said. âSome countries are still closed to outside investors, but Uruguay and Brazil recently changed the names. I think there are more and more opportunities opening up in Latin America that we are really very interested in evaluating. “