Genoa, Italy’s oldest club, have become the eighth North American-owned team in Serie A after they were purchased by the American private investment firm 777Partners.

The Miami-based company, who also own a 6.28 per cent stake in Spanish club Sevilla, were founded in 2015 by Steven W. Pasko and Josh Wander and hold over $3 billion in assets.

They have purchased a 99.9 per cent share in the club. The sum paid was not divulged.

Genoa were previously owned by Italian businessman Enrico Preziosi, the head of Italian toy manufacturer Giochi Preziosi. He bought the team in 2003, seeing them promoted to the first division four years later.

In 2008-09 and 2014-15 Genoa hit the heights of a fifth and sixth place finish in Serie A respectively, but have struggled in recent years.

Preziosi has been trying to sell the team for several years amid fan protests.

A joint-statement read: “777 Partners will use its expertise in the sports, media and entertainment industries to help further commercialize the club's operations.

“The previous owner, Enrico Preziosi, will remain on the board of directors, while CEO Alessandro Zarbano will continue to manage the day to day operations of the club.”

Wander added: “We are deeply honored to become part of a club with a history, heritage and tradition as great as Genoa. We understand and respect the responsibility we are inheriting, we want to preserve and protect the proud Rossoblù heritage by aiming for the best possible placings in Serie A.”

Previous owner Preziosi said: “The time has come to pass the hand. I had always said that I would leave Genoa only to a strong and reliable new owner and I leave it in the hands of 777 Partners. To them, who will now lead the oldest club in Italy, I wish the best. I will always remain a rossoblu fan.”

Advertisement

How much North American ownership is there in Serie A?

Eight teams are now run by North American owners — seven from the United States and one from Canada.

The trend started in 2011, when American investors purchased 67% of Roma for €70 million. They have since had two more American owners — James Pallotta and the Friedkin Group.

Speaking at the time, Giancarlo Abete, former president of the Italian Football Federation said: “It makes us sad, as I’d love for all the legendary families who made Italian football great to remain in charge of their teams.”

However, since then, North American ownership has only increased. Canadian Joey Saputo bought Bologna in 2014, while AC Milan, Fiorentina, Parma, Spezia, and Venezia have all been taken over by American owners in the past three years.

Three of those clubs — Parma, Bologna, and Spezia — are all looking into stadium redevelopment financed by their new ownership.

Why are there so many North American owners?

Well, owning a team in Italy is cheap, at least relative to clubs in England, Germany, and Spain.

Serie A only has the fourth largest broadcast deal in Europe, with no team ranked in the top 10 most valuable clubs on the continent. Juventus, in 11th, are the only team valued at only $1 billion.

Clubs are also cheaper than the majority of franchises in American sport.

However, the appeal is in the large growth opportunities. Serie A was the most valuable league in the world in the 1990s, while the league retains a large amount of European places, which means a big payday from UEFA awaits, should their team qualify.

(Photo: Getty Images)