Wealth management intersects with sport in several ways by providing clients among successful players, coaches and owners, creating investment opportunities or “trophy assets” and sponsorship.
A US-based alternative investment firm, 777 Partners, has bought 100% of Genoa Cricket and Football Club, Italy’s oldest professional football team, continuing the trend of private investment firms taking shares. participation in sports teams.
The club was bought out from Enrico Preziosi, who remains on its board. CEO Alessandro Zarbano will continue to manage day-to-day operations, 777 Partners said in a statement yesterday.
Genoa CFC, which play in the best Italian league in Serie A and were founded in 1893, have won the Italian league nine times.
âWe are deeply touched to be a part of Genoa’s rich history, heritage and tradition,â said Josh Wander, Founder and Managing Partner of 777 Partners. “We understand and respect the responsibility we inherit to preserve and protect Rossoblu’s proud heritage, and we are committed as custodians of that heritage to help the club reclaim its place at the top of Serie A.”
In addition to Genoa, 777 Partners also owns a significant stake in Sevilla FC, the Spanish team, as well as the London Lions, the London team in the British Basketball League. The company’s sports, media and entertainment portfolio also includes Fanatiz, a streaming service distributing live sports to European and Hispanic audiences in more than 90 countries; 1190 Sports, which manages and sells sports rights; Atalanta Media, the distribution, engagement and community platform dedicated to women’s football; and Uplay, a Canadian platform for community service, academics and basketball.
With family offices among private equity investors, the deal underscores the extent to which providers of âpatient capitalâ have entered the sport game on both sides of the Atlantic. Steve Cohen, the US hedge fund figure and owner of a family office, bought the New York Mets baseball team late last year. Sports personalities have built family offices: Alex Rodriguez, who has a family office, built his fortune during a 22-year career in Major League Baseball. Kevin Durant, who also founded an OF, made his fortune during a professional baseball career in the NBA.
Wealth management intersects with sport in several ways, for example by providing sources of clients among successful players, coaches and owners; the creation of investment opportunities or âtrophy assetsâ and sponsorship. In the latter case, examples include the worldwide sponsorship of Formula One by UBS.
An article in the Italian newspaper Milano Finanzo in February this year indicated that American companies were in talks to own the Italian football club Spezia. The two companies included MSD Capital, the single-family office of US IT billionaire Michael Dell. Spezia officially announced later that Robert Platek, who co-founded MSD, had bought the club. He became one of the many American owners of Italian teams.
Perhaps the most controversial American football acquisition was the US-based Glazer family’s deal to own Manchester United through a leveraged buyout, a fact that some fans have criticized the English club for. losing ground to newly enriched rivals Manchester City.
777 Partners was founded in 2015 and works in six main sectors: insurance; consumer and business finance; financing of litigation; direct loan; sports, media and entertainment; and aeronautics.