April 8 – The Court of Genoa has dismissed an attempt by A-Cap, creditor of 777 Partners which owned Serie A outfit Genoa before collapsing, to halt a takeover of the club by Romanian businessman Dan Sucu.
In a statement, Genoa announced that the court fully accepted the arguments presented by the club’s legal team in relation to the matter. In January, A-Cap asserted that it still owned the Italian club following 777 Partners collapse in October 2024, and did not consent to their €45 million sale to Sucu, which was announced in December.
777 Partners was forced to sell its shares in various football clubs, including Genoa after it collapsed in the latter part of the 2024.
A-Cap claimed that the US insurance firm had provided a major loan to Genoa in 2023, which included certain powers, such as voting rights. However, the Court of Genoa rejected this claim, determining that any alleged voting power could not be enforced.
In a press release, Genoa stated: “It was determined that [A-Cap] is not and has never been the holder of the right to challenge the Shareholders’ Meeting Resolution, as it is not listed among the shareholders of Genoa CFC.”
“Furthermore, the alleged voting power granted to A-Cap by the companies 600 Partners LLC and 777 Partners cannot be enforced against Genoa CFC, nor can the financial agreements signed between the aforementioned companies be enforced.
“The alleged damage complained of by A-Cap is the exclusive consequence of the latter’s choice not to participate in the capital increase, as proven by the facts that A-Cap had been made aware of the possibility of intervening.”
A-Cap has not yet divested from the portfolio of clubs that once belonged to 777 Partners, except for its interest in Australia’s Melbourne Victory.
Contact the writer of this story, Samindra Kunti, at moc.l1744852450labto1744852450ofdlr1744852450owedi1744852450sni@i1744852450tnuk.1744852450ardni1744852450mas1744852450