January 16 – US private equity fund Presidio Investors have completed their takeover of storied Italian club Hellas Verona.
On Wednesday, the Serie A club confirmed in a statement that Presidio Investors acquired 100% of the shares, bringing to an end the thirteen-year-long reign of Maurizio Setti, who will remain on board in a role as senior advisor.
Texas-based Presidio Investors are reported to have paid about €75 million with further bonuses to be paid if the club avoids relegation. The new owners have already met with the mayor of Verona over the building of a new stadum that would see the club play in a temporary stadium for a season.
“We’ve worked hard these past months to achieve this milestone, and are excited to take our first steps in this historic city, leading a club that is an integral part of Verona and its people,” said Presidio Investors managing partner Christian Puscasiu.
Hellas won the league title in 1985, but in recent years the club has been struggling. Setti reflected: “Looking back on these 13 years as President of Hellas Verona, there are so many memories that fill me with pride and emotion. From the first promotion to Serie A in my debut season to last season’s survival, there have been countless moments of joy tied to these colours. We achieved results, both on and off the pitch, that initially seemed unimaginable.”
With the arrival of the Texas equity firm, the footprint of US owners in the Italian top flight becomes even bigger. Hellas are the eighth club under American ownership after Presidio’s buyout. Inter and AC Milan, Atalanta, Fiorentina, Parma, Roma and Venezia are all under US ownership. Canada’s Joey Saputo controls Bolgona.
The majority of Serie A clubs are now foreign-backed. Recently, Romanian businessman Dan Sucu acquired Genoa, but US insurer A-Cap, who provided finance to failed 777 Partners, has legally challenged the sale in a bid to protect its investment.
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