Romanian businessman Dan Șucu has become the new majority owner of Italian top-flight soccer side Genoa following the collapse of the club’s previous owners, 777 Group.
Șucu has bought 77% of Genoa, Italy’s oldest soccer club, after spending €45.35 million ($47.2 million) to underwrite a capital increase that diluted the shares of all other owners to the minority.
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€5.35 million has been given upfront while the remaining €40 million is set to be paid before December 14, 2025.
Although that means that 777 Group are still shareholders in the club, it is expected that they will exit before the 2025-26 campaign.
Șucu made his fortune in the Romanian furniture market where his brand Mobexpert is one of the biggest players, and the businessman also has significant interests in the housing market and the media sector, the latter Mediafax Group that he purchased in 2023, which includes the Ziarul Financiar publication.
Genoa is not Șucu’s first foray into soccer club ownership, as he holds a majority 90% stake in three-time Romanian champions Rapid Bucharest.
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By GlobalDataSpeaking on the purchase, Șucu stated: “It is an honor and a great responsibility to become a reference shareholder of Genoa CFC. Managing a football club means not limiting yourself only to the business aspects. It is an activity that requires a genuine passion for this sport and a commitment to the community of fans who live for these colors.
“My life and my professional path have taught me that the most important results are obtained with teamwork at every level.”
Șucu also hinted that there will be strong collaboration between Genoa and Rapid Bucharest, among other Eastern European sides, adding: “Among the programmatic points, I would like to start a successful collaboration between Genoa and some Eastern European clubs, including Rapid Bucharest.”
This could also preempt joint sponsorships between the two, which could attract Romanian brands looking to enter the Italian market and vice-versa.
777’s managing partners Josh Wander and Steven Pasko resigned in May 2024 and the firm’s struggles have worsened through the year, with two of their other soccer sides, Belgium’s Standard Liege and Brazil’s Vasco da Gama, being seized by their respective governments over issues related to the non-payment of debts (Standard), as well as the ongoing US fraud case (Vasco).
In October, 777’s London branch was issued a winding-up order by the UK high court and was liquidated, putting all of its sports activities for sale, including Genoa, German second-tier strugglers Hertha Berlin, and second-tier French side Red Star.
The firm also has investments in Australia’s Melbourne Victory and Spain’s Sevilla and is a major lender to English side Everton.
