Genoa statement casts doubt over 777 Partners sale plans | OneFootball

There is confusion over the future of Serie A side Genoa after a statement denied reports 777 Partners had put the club up for sale.

It had been assumed that they were seeking buyers with urgency after the American private equity firm was effectively declared bankrupt in October when the High Court in London presented them with a winding up order.

The Grifone and 777 Partners released a joint statement on Tuesday via the club website.

“With regards to some stories appearing in the media over the last few days, 777 Genoa CFC Holdings S.r.l. and Genoa CFC S.p.A. clarify as follows.

“The majority shareholders 777 Genoa CFC Holdings S.r.l. has not given a mandate to anyone to sell its shares in Genoa CFC S.p.A., let alone to Moelis & Company.

“The majority shareholders and Genoa CFC S.p.A. therefore reject any form of speculation and media suggestion, confirming its effort to support Genoa CFC in its growth process and consolidation in the reference market.”

Genoa future up in the air

NOVEMBER 24: Patrick Vieira, head coach of Genoa, looks on during the Serie A match at Stadio Luigi Ferraris on November 24, 2024. (Photo by Getty Images/Getty Images)

According to Calciomercato.com, this might suggest a battle brewing between 777 Partners and A-Cap, the insurers whose massive financing agreement was effectively keeping 777 Partners afloat.

This was also the case during the failed attempts by 777 Partners to buy out Premier League club Everton.

Also on Tuesday, the Financial Times reports that Utah regulators ordered three insurers to stop accepting new money, all of them part of the A-Cap group.

The sports portfolio of 777 Partners also includes Standard Liege in Belgium, French second division side Red Star FC, Sevilla in LaLiga, Bundesliga 2 club Hertha Berlin, Vasco da Gama in Brazil and Australia’s Melbourne Victory.

They bought out the Rossoblu from previous owner Enrico Preziosi in 2021.