NEWS
Wednesday October 28 2015
Report: Genoa deal done

It’s reported Genoa President Enrico Preziosi has sold around 50 per cent of the club to Giovanni Calabrò.

The patron has been in negotiations to sell a stake in the Grifone for several weeks, but it later emerged that Calabrò had been sentenced to six years and four months imprisonment for bankrupting the company Algol.

The court in Monza found that Calabrò had employed his Kurdish friend Mario Saeed to act as a fake Sheikh with oil money from Dubai, in order to impress investors and strip the company of its assets.

Saeed was presented to the Algol board in order to convince them to sell to Calabro, though he was a Swedish citizen described by the court as being “without a Euro in his pocket”.

That ruling bans Calabrò from commercial enterprise for 10 years, but in Italy a person is not considering guilty until all levels of appeal have been exhausted.

Given that the entrepreneur is appealing the ruling, he is currently free to invest in Genoa, with CalcioNews24 reporting that a deal has been struck for somewhere in the region of 50 per cent.

That would make Preziosi and Calabrò equal partners, but the former is expected to stay on as President.

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