Genoa owners to purchase Red Star F.C.

Article posted by Coliseum, April 15^th, 2022

Image: Red Star FC

Italy’s oldest professional football team Genoa Cricket and Football Club owners 777 Partners have announced a deal to purchase French third division club Red Star F.C., further expanding their football investment.

The ‘Football Italia’ stated that the American investment firm bought out Genoa President Enrico Preziosi for a reported €150m in September 2021, ending Preziosi’s 18-year reign at the Marassi.

Genoa Cricket and Football Club, commonly referred to as Genoa, is a professional football club based in Genoa, Liguria, Italy, that competes in the Serie A. Established on September 7^th, 1893, it is Italy’s oldest football team, and the oldest Italian football team still active to this day, with over 125 years of history.

The 36,599-capacity Stadio Luigi Ferraris, also known as the Marassi from the name of the neighborhood where it is located, is a multiuse stadium in Genoa, Italy. The home of Genoa C.F.C. and U.C. Sampdoria football clubs, it opened in 1911 and is one of the oldest stadiums still in use for football and other sports in Italy.

The 777 Partners is a Miami (US)-based alternative investment firm that invests across a number of high growth attractive verticals. Founded in 2015, 777 Partners strategically invests across six broad industries: Insurance, consumer and commercial finance, litigation finance, direct lending, sports, media and entertainment, and aviation.

It was announced on April 6^th that Red Star F.C., who play in France’s third tier, are in exclusive negotiations to complete the takeover by 777 Partners as well.

Red Star Football Club, also known simply as Red Star, is a French association football club founded in Paris in 1897, and is the fourth oldest French football club, after Standard AC of Paris, Le Havre AC and Girondins de Bordeaux.

Genoa’s social media channels confirmed as much by welcoming Red Star to “the 777 family”.

The ‘Football Italia’ further stated that they are not the only football clubs who form part of the portfolio of the 777 Partners business.

This same company also has shares in LaLiga side Sevilla FC (Spanish professional football club), who are in the Champions League quarter-finals.

It remains to be seen if all these clubs will make transfer deals between them or share any other synergy.

Red Star F.C. is the fourth oldest club in France, founded by former FIFA President Jules Rimet in 1897, and were relegated to the third tier in 2019.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at www.coliseum-online.com/alliance and make use of the 365Coliseum Business.