Italy Oldest Club Get New Owner As Interest In Their Star Player Ramps Up

Written By Onyeka Daniel

In what was an expected move, Italian Serie A side, Genoa have announced a change of ownership after Romanian businessman Dan Șucu acquired a majority stake in the club, an official statement confirmed on Wednesday. The club has been on the lookout for new buyers after their previous owners 777 Partners went bankrupt back in October, following a winding-up order by the High Court in London.

More Details

Șucu has completed the takeover of the club by paying more than €45m to secure 77% of Genoa’s shares through a capital increase, in an attempt to bring ‘economic stability’ and ‘new investments’. “Genoa Cricket and Football Club announce that following the resolution of a capital increase amounting to €45,356,262—of which €5,356,262 is a free increase and €40,000,000 is a paid increase, passed on December 14th.

LATEST POSTS

“The Board of Directors convened today and approved the offer presented by Romanian entrepreneur Dan Șucu,” an official statement published by the club confirmed. “Through his investment vehicle, the Romanian entrepreneur fully subscribed to the capital increase, acquiring approximately 77% of Genoa CFC’s share capital, leaving the previous shareholders in the minority.

“This transfer of majority ownership marks a new chapter for Italy’s oldest football club. The entry of Dan Șucu is expected to bring economic stability and new investments to enhance the team and its infrastructure. Genoa extend their gratitude to their loyal fans for their unwavering support and look to the future with confidence.

“Hopeful that this new phase will further consolidate the club’s prestige and success. The new owner already owns another football club, Romanian side, Rapid Bucharest, playing in the country’s top tier, as well as the founder of a renowned furniture brand. The 61-year-old entrepreneur has also invested in the real estate and media sectors and seeks to use football as a means of promoting social impact.

“Șucu is a prominent figure on the international economic stage and serves as the president of the Confederația Patronală Concordia, the Romanian equivalent of Confindustria,” the statement continued. “Born in Bucharest on April 25, 1963, Șucu is best known as the founder of Mobexpert, Romania’s largest furniture brand, with over 2,200 employees.

Beyond his leadership in the furniture industry, Șucu is a key investor in the real estate sector and, since 2022, in the media sector, playing a pivotal role in the economic newspaper Ziarul Financial. “A sports enthusiast and already the owner of the Rapid Bucharest football club (holding 90% of its shares), Dan Șucu has contributed to reviving a historic institution with over 100 years of tradition.

“Investing in modern infrastructure and a youth academy that now hosts around 700 young athletes. “His approach focuses on leveraging football as a social tool, aiming to involve thousands of young people in sports and promote values of inclusion and personal growth.” Genoa are unbeaten in Serie A since hiring Patrick Vieira as their new manager after November’s international break.

The French coach steered his side to one win and three draws, including one away to Milan last weekend. In a related development, the club have a minimum asking price in mind for midfielder Morten Frendrup, who has been linked with a move to Milan in the January transfer window, although the Rossoneri also face competition from Premier League outfit Brentford.

According to a report from Calciomercato, Geno have no interest in selling Frendrup in January for a fee under €18m. If the club are to sell, they would prefer to do so during the summer if possible. Brentford, coached by fellow Dane Thomas Frank, have also been linked with a move for the 23-year-old. The Grifone midfielder has been linked with a move to San Siro recently for obvious reasons.

Read Also: Italian Serie A, 16th Round: Top 10 Goals For The Week

While Tijjani Reijnders and Youssouf Fofana have impressed at the heart of the Milan midfield this season, Fonseca has barely been able to rest either of them at any point due to a lack of available replacements. Ismael Bennacer remains out injured, while Ruben Loftus-Cheek is often preferred in a slightly more advanced midfield role.

Do you have a story tip?
Kindly Email: keepup@bettitude.com

You can also follow us on Facebook, Instagram, Twitter and YouTube