Italy’s oldest football club is the last of a growing number of Serie A teams with North American owners. Genoa, which was founded in 1893, has been sold to private investment firm 777 Partners, the club said on Thursday, in a deal valued at an estimated 150 million euros.

“The new group of owners will buy 99.9% of the share capital of Genoa, inject new capital into the club and assume certain related responsibilities,” said a statement announcing the change of ownership. “Former club owner Enrico Preziosi will remain on the club’s board of directors, while CEO Alessandro Zarbano will continue to manage the day-to-day operations of the club,” he added.

RELATED | Serie A preview: Lukaku a distant memory as Inter start in style

Preziosi had been looking to sell Genoa for some time after 18 years at the helm. “Now is the time to pass the torch,” said Preziosi. “I have always said that I would only leave Genoa to a new, solid and reliable owner,” he added.

The investment was led by Josh Wander and Steve Pasko, the founders of 777 Partners, as well as Juan Arciniegas, who oversees the company’s investments in sports, media and entertainment, and Andres Blazquez, the operating partner who helps manage the company’s football investments.

“We are deeply touched to be a part of Genoa’s rich history, heritage and tradition,” said Wander. “We understand and respect the responsibility we inherit to preserve and protect the proud legacy of Rossoblu, and we are committed as custodians of this legacy to help the club regain their place at the top of Serie A,” he said. -he adds.

Six other teams in the Premier League have North American owners: AC Milan, Roma, Fiorentina, Bologna, Spezia and Venezia. The same is true of Parma, relegated to Serie B this season, while Inter are controlled by Chinese group Suning.

RELATED | Serie A: De Ligt leads Juve to first win of season

Miami-based 777 Partners also has a small stake in Spanish club Sevilla, as well as the London Lions basketball team.

Genoa won the last of their nine Italian league titles in 1924. The team have one win and four points in their first five Serie A appearances this season, having finished 11th in 2020-21.