US private equity firm 777 Partners has transferred ownership of Italy’s oldest football club, Genoa, to Romanian businessman Dan Sucu, but will retain a minority shareholding, according to a report by Reuters.
Sucu now controls 77% after underwriting a capital hike of around €45m ($42m).
Genoa is reportedly hopeful that Sucu, who also owns 90% of Romanian side Rapid Bucharest, will bring financial stability following a period of uncertainty under 777 Partners.
Founded in 1893, Genoa was sold to the hedge fund three years ago, marking the end of Enrico Preziosi’s 18-year tenure as owner.
Genoa has not won a league title since 1924, and currently sits 13th in Serie A, just two points above the relegation zone. However, the team remains unbeaten since appointing Patrick Vieira as coach last month.
