Football & business

Genoa: Dan Sucu’s purchase of the club is legitimate

The Court of Genoa has dismissed in their entirety A-Cap’s objections to the 2024 capital increase that led to the club’s takeover by the Romanian businessman

by Marco Bellinazzo

24 June 2026

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Vitinha del Genoa durante la partita di calcio di Serie A tra Atalanta e Genoa. (Foto di Spada/Lapresse)

3' min read

Translated by AI

Versione italiana

Key points

The legal case: all claims dismissed
From the 777 crisis to the arrival of Șucu
New balances and unresolved issues
The significance of the judgement: governance and the market

3' min read

Translated by AI

Versione italiana

Genoa has secured the ownership structure drawn up in December 2024. The ruling by the Court of Genoa, published on Tuesday 23 June, represents a crucial step in the complex financial and corporate manoeuvre that has accompanied the change of control at Italy’s oldest football club.

The panel, comprising Enrico Ravera (chair), Raffaella Gabriel (rapporteur) and Emanuela Giordano has dismissed in its entirety, on the merits, the appeal lodged by ACM Delegate LLC – a vehicle wholly controlled by A Cap Holding – against the resolution of 14 December 2024 to increase the share capital by over 45 million. This detailed decision, running to over 50 pages, confirms the findings already established in the interim proceedings, where ACap’s applications had been rejected on two separate occasions.

The legal case: all points rejected

Cap had challenged the legitimacy of the resolution on several grounds: ranging from his failure to attend the meeting, to the alleged nullity or voidability due to purported substantive and procedural breaches, right through to more sensitive issues such as the unlawfulness of the purpose and grounds of the transaction, the exclusion of pre-emption rights, and the alleged failure to provide information to ACM. A wide-ranging case, which aimed to undermine the entire capital strengthening operation.

However, the Court refuted these allegations point by point, upholding in full the defence put forward by Genoa, represented by the law firm BonelliErede (with Professors Marco Arato and Laura Salvaneschi and solicitors Riccardo Bordi, Luigi Chiarella and Federico Sacchi).

Not only that: the ruling ordered ACM to pay the legal costs, further strengthening the Ligurian club’s position. The judgement is immediately enforceable, a factor of no small importance in a context where the pace of the justice system often intersects with financial dynamics.

From the 777 crisis to the arrival of Șucu

The legal case is intertwined with the corporate one. The disputed capital increase is, in fact, the very same one that paved the way for the entry of Dan Șucu, a Romanian entrepreneur who fully underwrote the transaction, securing around 77 per cent of the share capital.

A development triggered by the crisis at 777 Partners, the American group that had taken over Genoa from Enrico Preziosi and found itself overwhelmed by claims for repayment totalling over 2.5 billion dollars from lenders such as A-Cap and Leadenhall. This financial strain inevitably affected the Rossoblù club as well, making a rapid and substantial recapitalisation necessary.

The shareholders’ meeting on 14 December had therefore approved a capital increase of 45.356 million (of which over 5 million were bonus shares and 40 million were to be paid for) without pre-emption rights, a decision contested by ACap. ACap, despite having ‘called’ for the capital increase, did not subscribe to it. At that point, Șucu stepped in and presented a binding offer which was accepted by Genoa’s board of directors: the capital was fully subscribed and the new shareholding structure was finalised.

New balances and unresolved issues

Genoa is therefore now owned by the Romanian entrepreneur, founder of Mobexpert – a leading furniture company in Romania with over 2,200 employees, 8 factories and 26 shops – and already the owner of Rapid Bucharest.

However, there is one lingering issue from the previous phase: the 23 per cent still attributable to ACap is subject to a preventive seizure, with a value of approximately 28.1 million euros, as part of a legal dispute relating to outstanding debts owed to the club. The shares are currently in the custody of Dr Ermanno Martinetto, who was appointed by the court.

This is an indication that Genoa’s stabilisation, whilst reinforced by today’s ruling, has not yet been fully consolidated from a legal and financial perspective.

The significance of the ruling: governance and the market

The decision by the Court of Genoa should also be viewed from a systemic perspective. This is not merely a legal victory for the club, but a significant signal regarding corporate governance in Italian football.

The approval of a capital increase without pre-emption rights, in a context of financial emergency, sets an important precedent: the protection of the company’s interests may take precedence over the rights of individual shareholders when the company’s continued existence is at stake.

In other words, the court recognised the legitimacy of an extraordinary measure necessary to safeguard the club and its financial stability, even if this meant redefining the ownership structure.

For Genoa, this brings to an end – at least for now – one of the most challenging matches of recent years. Off the pitch, the toughest challenge remains: turning financial stability into sporting competitiveness.