The Oldest Club In Italy Is Sold, Immediately Appoints Legend Arsenal As Manager

Patrick Vieira was appointed coach of Genoa (Instagram/@genoafc).

JAKARTA - Italy's oldest club, which now plays in Serie A 2024/2025, will be sold. ESPN reports say owners are looking for enthusiasts who are willing to buy with a tag of 170 million euros.

Moelis & Company investment banks have been instructed to start searching for potential enthusiasts by owners of Genoa, 777 Partners.

Unlike other clubs under the ownership of 777 Partners, including Belgian Pro League club Standard Liege and Brazilian club Vasco da Gama, Genoa is not a depressed asset.

They will make a profit for the 2023/2024 season before interest, taxes, depreciation, and amortization when financial reports are published.

Genoa has experienced a radical financial transformation under CEO Andres Blasquez. The club reported a loss of 42.3 million euros in 2021 and a loss of 61.7 million euros in 2022.

However, drastic cuts to the wage bill, the squad's downsizing, and an increase in revenue from sponsorship deals have improved their financial prospects.

Earlier this year, Genoa sold Mateo Retegui to Atalanta, Radu Dragusin to Tottenham Hotspur, and Josep Martinez to Inter Milan for a combined fee of around 68 million euros.

They still finished 11th last season, the highest position of all newly promoted teams in Europe's top five leagues.

Genoa's overall attractive position has given birth to interest from abroad. Several United States (US) investors have expressed interest in buying Genoa.

The US parties who showed initial interest were still not named considering the initial stages of negotiations and the sales process had just begun.

Genoa is inviting an offer of between 150 million euros and 170 million euros in hopes that sales can be completed by the end of the season.

While the transfer of ownership is in process, Genoa has just recruited a new manager on Wednesday, November 20, 2024, local time.

Arsenal legend, Patrick Vieira, occupies the coaching chair I Rossoblu replaces the sacked Alberto Gilardino.

Vieira has been unemployed since separating from French Ligue 1 club Strasbourg in July 2024, having previously coached Premier League club Crystal Palace.

Genoa, which is only one ladder above the relegation zone, is trying to get away from doing better to improve its position.

So far, they have only earned 10 points from the first 12 matches of Serie A 2024/2025 so they are in 17th position in the standings.

Meanwhile, Vieira started her managerial career at Manchester City U-23 in 2013-2015. He then led the MLS club, New York City.

The 48-year-old coach spent two and a half years at Ligue 1 club Nice, before moving to Crystal Palace.

He will reunite with Genoa's new player, Mario Balotelli, after training the Italian striker for 10 games when they were both at Nice in the 2018-19 season.