Multiple U.S. investors are among the parties to express an initial interest in buying Serie A side Genoa with the existing owners seeking up to €170 million ($180m) to sell the club, sources have told ESPN.
Investment bank Moelis & Company have been instructed to begin a search for potential suitors after owners 777 Partners lost control of their multi-club portfolio to their biggest creditor, U.S. insurance specialists A-CAP.
In contrast to other clubs under 777 Partners ownership including Belgian Pro League side Standard Liege and Brazilian outfit Vasco da Gama, Genoa is not a distressed asset.
Sources told ESPN they will make a profit for the 2023-24 season before interest, taxes, depreciation, and amortisation when the accounts are made public. Genoa, the oldest club in Italy, fired coach Alberto Gilardino on Tuesday and replaced him with Patrick Vieira.
They have undergone a radical financial transformation under CEO Andres Blazquez. The club reported a €42.3m loss in 2021 and a €61.7m loss in 2022 but drastic cuts to the wage bill, streamlining of the squad and increased revenue from sponsorship deals have improved their financial outlook.
Earlier this year, Genoa sold Mateo Retegui to Atalanta, Radu Dragusin to Tottenham and Josep MartÃnez to Inter Milan for combined fees in the region of €68m.
They still finished in 11th place last season — the highest position of any newly promoted side in Europe’s top five leagues — and Genoa’s attractive overall position has led to interest from several overseas funds, according to sources with knowledge of the situation.
The U.S. parties showing an early interest remain unnamed given the formative stage of negotiations as the sale process only recently began.
Sources added that Genoa are inviting offers between €150m and €170m with a hope that a sale can be completed by the end of the season.
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