777 Partners acquired Serie A’s Genoa C.F.C. on Thursday in a deal valued at $175 million.
The Miami-based private equity firm has purchased full ownership of Italy’s oldest soccer team from Enrico Preziosi, who saved Genoa from bankruptcy in 2003 for $23 million.
As part of the acquisition, 777 Partners will inject fresh capital into Genoa, which suffered a $38 million loss in 2020 due to the global pandemic. The firm will also help further commercialize the club’s operations.
777 Partners has more than $3 billion in assets under management, with several sports-related investments.
- It invested $10 million in Fanatiz, a sports-focused OTT service during a Series A round.
- It owns a majority stake in the London Lions of the British Basketball League.
- Last year, it acquired 1190 Sports, which manages sports media rights.
- The firm is an investor in Ata Football, a company devoted to elevating women’s soccer.
Genoa joins AC Milan, Fiorentina, Spezia, AS Roma, and Venezia as Serie A clubs under American ownership. 777 Partners intends to look for more opportunities in soccer throughout Europe and South America.