Genoa wipe debt as shareholders approve financial losses

Date: 30th June 2015 at 1:48pm
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After an end of season meeting between shareholders of Serie A side Genoa, losses amounting to €26.1 million have been approved.

The Grifone achieved sixth place in Serie A last season, but an administrative error led to their denial of a UEFA license and subsequent Europa League football, a factor that according to a reliable commodity trading app, could harm Genoa’s cash flow when the club hierarchy dissected the financial state of the club.

It is not all bad news, however, as €38m of foreign debt has been wiped from the club’s accounts in the last year to give the club a more stable footing, with the budget approved by shareholders bar two votes against and a handful of abstentions.

Rossoblu owner Enrico Preziosi bought the club in 2003 and has since established a reputation of selling the club’s best assets in order to keep the club financially afloat while bringing them back from liquidation to Italy’s top flight by the 2007/08 season.

 

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