Italian club Genoa taken over by Romanian businessman Dan Sucu

Italy's oldest soccer club is now under the ownership of Romanian businessman Dan Sucu.

Genoa announced on Wednesday that Sucu had acquired a majority stake after a capital increase of 40 million euros ($42 million) for a 77% share.

The club hopes that Sucu who also owns 90% of Romanian team Rapid Bucharest will bring financial stability following months of uncertainty under the troubled Miami-based 777 Partners.

The club, which was founded in 1893, was sold to 777 Partners three years ago ending previous owner Enrico Preziosi's 18 years in charge.

Genoa won the last of its nine Italian league titles in 1924. It is currently 13th in Serie A, two points above the relegation zone, although it is unbeaten since hiring Patrick Vieira as coach last month.

 

The transfer of majority ownership marks a new chapter for Italy's oldest football club, with the hope that the entry of Dan Sucu can bring financial stability and new investments to strengthen the team and its infrastructure, Genoa added.

Sucu is the founder of Mobexpert, Romania's largest furniture brand and has investments in real estate sector and media in his home country.