New Delhi: Genoa Cricket and Football Club, Italy’s oldest football team, finds itself at the centre of an ownership controversy. Romanian businessman Dan Sucu announced he had acquired a 77% stake in the Serie A club following a €45 million capital injection. However, New York-based Advantage Capital Holdings (A-Cap) has denied the sale, claiming it still owns the club, according to Bloomberg.
On Wednesday, Genoa released a statement confirming the recapitalisation process and Șucu’s acquisition. A representative for the club said the move was finalised with board approval, leaving the remaining shareholders with a minority stake.
Despite this, A-Cap issued a counterstatement labelling the sale “false,” alleging the transaction occurred without proper consent or shareholder approval.
What’s the issue between Dan Sucu and A-Cap?
Dan Sucu oggi al Signorini di Pegli per assistere all’allenamento della squadra 🔴🔵 pic.twitter.com/SaPu4G6FDa
— Genoa CFC (@GenoaCFC) December 19, 2024
According to Bloomberg, Genoa’s ownership saga stems from the financial collapse of its previous owners, 777 Partners. The Miami-based multi-club investor, which bought Genoa in 2021, defaulted on its loans. A-Cap, a major lender to 777, claims the loans were secured by Genoa and other assets. When 777 failed, A-Cap asserts it legally took control of the club and engaged advisers to assess the portfolio.
The club’s statement directly contradicts A-Cap’s version. Genoa said the board approved Șucu’s offer, allowing him to inject much-needed funds after years of instability. Șucu, also the owner of Romania’s Rapid Bucharest, called the opportunity “an honour and great responsibility.” Genoa President Alberto Zangrillo and legal advisers reportedly guided the transition.
What’s next for Genoa?
📝 Dan Sucu: “È un onore e una grande responsabilità diventare azionista di riferimento del Genoa CFC. Gestire una società di calcio vuol dire non limitarsi soltanto agli aspetti legati al business. È un’attività che necessita di una passione genuina per questo sport e di un… pic.twitter.com/g8OnCpkz14
— Genoa CFC (@GenoaCFC) December 18, 2024
A-Cap has vowed to contest the sale, accusing Genoa’s management of conducting a “non-approved clandestine operation.” The US firm maintains its position as the rightful owner and plans to pursue legal action.
Meanwhile, Șucu envisions revitalising Genoa’s future. Known for transforming Rapid Bucharest, he plans to bring stability and innovation to the Serie A side. The dispute, however, casts doubt over the club’s immediate prospects, especially as they prepare to face Napoli this weekend.
With both sides firmly entrenched, Genoa’s future remains uncertain. Legal battles could derail the club’s progress or delay critical investment plans.
Genoa CFC faces ownership drama as Romanian businessman Dan Sucu’s majority stake is challenged by US investor A-Cap. Football Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
