The future of the Sampdoria football club, based in Genoa, has recently gone through a storm that could have jeopardized the club’s situation, with bankruptcy being a real possibility. However, the sun has finally emerged over the blue-and-white sky with the sale of the club to Radrizzani and Manfredi. From a sporting perspective, Sampdoria had already been forced to swallow a bitter pill, being relegated to Serie B after 11 consecutive seasons in Serie A, but the on-field debacle was not the biggest problem for the club. The main concern was the urgent need to find a buyer who could shoulder the club’s debts.
The most interested consortium in acquiring Sampdoria, which ultimately succeeded, consists of Gestio Capital, led by Matteo Manfredi, and Aser Ventures, the owner of Leeds United, led by Italian entrepreneur Andrea Radrizzani, with the involvement of Qatar Sports Investments (QSI), the Qatari fund led by Nasser Al-Khelaifi that controls Paris Saint-Germain. According to the plans, Radrizzani’s company would acquire the majority of Sampdoria’s shares, while the rest would be taken over by QSI, thus opening the possibility of future involvement of the Qatari fund also in Leeds United.
Negotiations for the sale of Sampdoria had been underway for several weeks, and initially, there seemed to be mutual trust between the parties involved. Recently, Sampdoria’s Board of Directors, chaired by Marco Lanna, had signed a draft agreement with the Manfredi and Radrizzani consortium, overcoming the competition from Alessandro Barnaba, a Roman financier supported by Edoardo Garrone, former president of Sampdoria before Ferrero. Barnaba had made several offers, but none were binding due to unresolved agreements with the banks regarding past loans granted to the club.
The Board of Directors of Sampdoria carefully evaluated the two offers and preferred the one presented by Gestio Capital, considering it more suitable for the club’s debt restructuring plan. The signing of the draft agreement by the Board of Directors was the first step towards the sale of the club, and the signed document would be sent to the Ferrero family, the club’s owners.
However, the Ferrero family responded the following afternoon, effectively canceling the progress made by the Board of Directors, stating that they “had not received any purchase proposal from the mentioned companies or others, nor had the ownership or the trustee (the entity holding the company) made any statements in this regard.” They emphasized that “they would evaluate any purchase proposals to assess their feasibility, clarifying that the Board of Directors does not have the power to commit the ownership or the trustee, nor can it replace them in decisions regarding capital increases, which are the exclusive domain of the shareholders’ meeting.”
On Monday, Radrizzani and Manfredi issued a press release confirming their position: “Gestio Capital and Aser Holding, following the preliminary agreement signed for the finalization of a capital increase in U.C. Sampdoria S.p.A., wish to communicate the details of this important operation aimed at the relaunch of the blue-and-white club.
‘The agreement we reached with Sampdoria’s Board of Directors,’ emphasizes Manfredi, ‘is exclusive and was achieved thanks to close collaboration with several minority shareholders […] It is important to underline that the capital necessary to complete the operation is already available, despite some contrary statements in this regard […] This offer represents a significant break from the previous ownership and certifies a clear desire to preserve the prestige and tradition of a historic club like Sampdoria. Our plan, which foresees serious and sustainable long-term growth, is already in the works, and we are setting up our efforts by planning investments to allow the club to return to the level of excellence it deserves, but time is really very limited.’
‘It is crucial to act quickly,’ continues Andrea Radrizzani, ‘because every day of delay leads to setbacks and the consequent risk of penalties for the club, especially with regards to the upcoming championship. Sampdoria risks losing points or even not being admitted to competitions, which would have devastating consequences for the club and its incredible and extraordinary fanbase […] Our commitment is driven by a passion for football and a desire to bring positive results. There is deep pride in offering our experience and reputation, having chosen to invest and put our face to Genoa.’
In light of these important and necessary clarifications, Gestio Capital and Aser Group were forced to emphasize that the offer they presented was rejected by the previous ownership. An incomprehensible rejection that also jeopardizes the immediate future of the club, which is concerning but does not stop Matteo Manfredi and Andrea Radrizzani from pursuing their clear and firm goal of giving Sampdoria a brilliant future […] Matteo Manfredi and Andrea Radrizzani have been working for days to define the next strategies, finalize the team roster, and select a high-profile manager. At the same time, evaluations are underway to define an internal structure with an international management team. The already confirmed involvement of Qatar Sports Investments alongside Gestio Capital and Aser Group further confirms the support of reliable, competent, and extraordinarily solid partners.”
After a day of exhausting negotiations, the two entrepreneurs interested in taking over the blue-and-white club reached a draft agreement with the ownership, and in the evening on Tuesday, the Board of Directors approved the capital increase, which was on the agenda for the shareholders’ meeting.
“U.C. Sampdoria S.p.A. announces that the Shareholders’ Meeting has authorized the Board of Directors to issue a bond loan and to carry out a capital increase up to 40 million, necessary for the execution of the company’s restructuring plan.
We thank all parties who made today’s operation possible.” This was the statement in which the blue-and-white club announced the capital increase, which was the apparent announcement of the transition from Ferrero’s ownership to that of Andrea Radrizzani and Matteo Manfredi.
Massimo Ferrero, now the former owner of Sampdoria, announced the sale of the club to Andrea Radrizzani and Matteo Manfredi to Telenord microphones: “It wasn’t a negotiation, they made me think with my heart.”
Descending from the Corte Lambruschini headquarters, Sampdoria president Marco Lanna commented, officially announcing to the media, the sale of Sampdoria: “We are all happy. It’s been two intense days. There’s still a lot more to do; this is not over. We still have a lot of work ahead.”
“Now we can say it,” says Andrea Radrizzani in an interview with Secolo XIX, “it was a real battle, but we can finally say that we made it. We are absolutely thrilled to announce that we have completed the acquisition of this extraordinary club. The history and prestige of Sampdoria are safe, and my happiness is shared by all the people who were suffering for these colors. My thanks in this moment go primarily to all those who worked tirelessly to ensure that this agreement reached a just conclusion. And in particular, I must give a huge thanks to Matteo (Manfredi) and lawyer De Gennaro. Without them, all of this would not have been possible. From today, we turn the page… and I personally can’t wait to get to work.”
“We might not yet fully realize what has happened,” highlights Matteo Manfredi, also speaking to Secolo XIX. “We have worked day and night to reach this point. There were times when we thought we were at our limit. But within us, the determination and belief that we could reach an agreement never faded. Sampdoria and the Sampdorians have already given us so much in these days. We will have time to fully present our project. A plan for which we have already defined all the guidelines. Now, there are still several details to settle to close every formal aspect. But from today, we are starting to build something important, something that will last over time. We are tired, happy, but eager to do the best we can for this club and its people.” So, the soap opera that saw the sale of Sampdoria’s shares comes to a happy end, and the club will play in Serie B next season, avoiding bankruptcy and giving hope to its fans for a brighter future, with Radrizzani and Manfredi at the helm, supported by a giant like Qatar Sports Investments, which, given PSG’s management, undoubtedly fuels the dreams of the club’s fans.
BOCCONI STUDENTS FOR SPORT MANAGEMENT 
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