Genoa, disposal goes into extra time

The dispute over the sale of Genoa is going into extra time. In the next few days, at the beginning of July, a decision is expected from the Court of Genoa on the annulment (or not) of the capital increase resolution that took place in recent months and was signed by the new shareholder, Romanian businessman Dan Șucu, supported by the CEO, Andres Blazquez.

It is a new chapter, after the appeal by the US group A-Cap, the insurance company that asked to annul the resolutions on the arrival of Șucu, because it claims to have the right to exercise all the prerogatives of control over Genoa, in the name of a nearly 2 billion credit towards 777 Partners, the US fund that had taken over the football club from Enrico Preziosi. In the first instance, the appeal had been rejected in early April by the court of Genoa, but A-Cap appealed the decision.

A few weeks ago, the court, sitting in collegiate composition, thus gave the parties a few weeks to provide further details on the subject, which from a technical and jurisprudential point of view, is complex: the judge should in fact annul a resolution taken months ago, that of a capital increase with the exclusion of the shareholder's option right, a procedure that had opened the club's doors to Șucu.

Precisely this is a much-debated issue: according to the rules, the option right can be excluded 'when the interest of the company requires it' for reasons of urgency, and in the case of Genoa there were tax debts of €37 million to pay.

But A-Cap is contesting the procedure and is not willing to step aside: it is pursuing appeals to assert its position as a de facto shareholder of the club, after 777 failed to honour its debts. The US company has submitted significant new documents demonstrating its willingness to inject the necessary capital into Genoa.