Serie A side Genoa up for sale after 777 Partners collapses
Genoa CEO Andres Blazquez has officially announced that the Serie A side is up for sale. The Italian club has been under the control of 777 Partners over the last three years.
The embattled American investment firm previously purchased the team in September 2021. Although financial terms were not disclosed by the club, reports surfaced that 777 paid about $175 million in the investment.
Along with Genoa, 777 also holds majority control of Standard Liège, Red Star FC, CR Vasco da Gama, and Hertha BSC. The American conglomerate also owns minority stakes in other international clubs, such as Sevilla and Melbourne Victory.
777 previously tried adding Premier League side Everton to their portfolio as well. The group even agreed to a deal to take over the team back in September 2024. Despite having an agreement in place for months, Everton’s current ownership pulled out of the deal in May. The main issue with the failed takeover involved 777’s precarious financial situation.
Exec tells team officials that Genoa will soon change hands
Because of these ongoing monetary issues at 777, Genoa now need to find a new owner. The move also comes a few months after A-Cap, an American insurance company that has invested in 777, told all of the soccer clubs under the conglomerate’s umbrella that they are now owned by them.
“Genoa, like all the other clubs in the 777 Football Group, is for sale,” Blazquez is said to have told team officials in a recent meeting. “A-Cap, a creditor company of 777 Partners, has every interest in preserving or, if possible, increasing the value of the club, also with a view to a total or partial sale of the company that will take place.”
“There are at least three or four groups that have shown interest. They see Genoa as a good investment opportunity because the economic situation is better than when 777 acquired the club.”
Blazquez also unveiled some interesting details regarding the team’s arena. Stadio Luigi Ferraris, also the home of Sampdoria, opened in 1911 and is currently the oldest soccer stadium in Italy. The historic arena was previously chosen as one of the venues for the 1990 World Cup.
“We tried to [make plans for a new stadium] alone, but the city told us: ‘Either you do it with the others or you don’t do it.’ In the end, I have to be pragmatic,” stated Genoa’s CEO. “They didn’t allow us to do it.”
Genoa has stayed afloat in Serie A despite money issues
Due to 777’s financial woes, Genoa sold off several key players during the recent summer transfer window. This included offloading the club’s 2023/24 high goalscorer, Albert Gudmundsson, to fellow Serie A side Fiorentina. The Iceland international joined his new team on an initial loan.
Other stars, such as Mateo Retegui and Josep Martinez, were sold on permanent deals. In the end, Genoa recorded a net profit of about $16 million on player transfers.
Despite problems behind the scenes, the Griffin avoided potential relegation last season by finishing in the middle of the table. They even only ended up just four points behind powerhouse Napoli at the time. Nevertheless, Genoa now finds themselves near the drop zone to start the season. The club has only managed to collect one win in their first seven Serie A fixtures.
Photo credit: IMAGO / LaPresse