By Andrea Caropreso
Index
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Genoa entered 2025 with its finances under scrutiny. Unsurprisingly, the past few months at the rossoblù club have been turbulent, also due to the recent change of ownership from the investment company 777 Partners to Dan Șucu, a Romanian entrepreneur successful thanks to the Mobexpert furniture brand.
The 2024 financial statement
“Running a football club means not limiting yourself only to business aspects,” said Șucu at the time of the closing on December 19. “It is an activity that requires genuine passion for this sport and a commitment to the community of fans who live for these colors.” And in fact, running a club mainly means dealing with the commercial aspects linked to its accounts.
In this sense, 2024 saw Genoa close the year with a loss of €38.8 million. A negative result mainly due to the lack of revenues from player trading (despite the sales of Retegui and Gudmundsson) and a wage bill too heavy for the club’s sustainability.
Financial item — Amount / Detail
Net result as of June 30, 2024 — − €38.8 million
EBITDA (gross operating margin) — + ~ €31 million
Shareholders’ equity — Around + €13 million
Investments / shareholder contributions (777 Partners) — + €40 million recorded in the 2023 accounts / further commitment to support the club
Merchandising revenues — €4 million
Sponsorship revenues — €12 million
Operating costs — Decreased by around €11 million compared to the previous year across personnel, administrative, and commercial expenses
Nonetheless, the most encouraging results were those concerning shareholders’ equity (positive by over €10 million) and EBITDA (which measures the company’s ability to generate profit from its core business), which at €31 million was one of the best in the club’s history.
Forecasts for 2025
Based on the situation Genoa was in a year ago, an estimate can be made for the financial statements closed last June 30, whose official numbers will be announced in the coming months.
Genoa budget estimates 2025
Estimated item — Expected value / Realistic range
Total operating revenues (TV rights, matches, sponsors, merchandising) — ~ €110-130 million
Capital gains / player trading — ~ €15-30 million
Expected EBITDA — ~ €25-35 million
Total operating costs (personnel, administrative, other costs) — ~ €130-145 million
Amortization / impairment of out-of-project players — Included in operating costs, significant if delayed sales or unused players
Estimated net result — − €10 / − €20 million (moderate loss)
Expected shareholders’ equity — Around + €10-20 million if the ownership keeps its commitments and the €40 million capital increase is fully realized
From what emerges, the club under Șucu is expected to have closed the year with another loss, though smaller than in 2024. In this sense, the capital increases and payments made by the new ownership upon taking over certainly represent a boost for the operating accounts.
At the same time, the club has already in recent months adopted a cost containment strategy, a modus operandi already pursued under the previous ownership. The expected result should therefore be a deficit in the range of − €10 to − €20 million. A situation which, combined with the strengthening of shareholders’ equity through the capital increase, projects the rossoblù towards a less uncertain future.
Who is Dan Șucu, Genoa’s new owner
A Romanian entrepreneur born in Bucharest in 1963, Dan Șucu is best known as the founder of Mobexpert, the largest furniture chain in his country. His passion for football also pushed him into sports, as he became the main shareholder of Rapid Bucharest in 2022. During 2024 he then became the owner of Genoa, also taking on the role of president, a position previously held by Paolo Zangrillo under the former ownership.
Of the €45 million capital increase announced and carried out by Genoa in recent months, as much as €40 million was injected by Șucu himself. A way to make a strong first impression and show that his ambitions are high. With this move, the Romanian entrepreneur acquired about 77% of the club’s share capital, thus becoming the majority shareholder. Therefore, Genoa fans can look to the future with greater serenity, after the difficult years under the management first of Preziosi and then 777 Partners.
By Andrea Caropreso
