(Football news) A group of investors or a consortium led by Boston Celtics co-owner Stephen Pagliuca has agreed to buy into Italian Serie A club Atalanta. The deal is the latest U.S led investment in Italy's top flight league following the takeover of clubs like Genoa, AC Milan, Fiorentina, Spezia, AS Roma and Venezia. Nine of the 20 top-flight Italian clubs are now controlled by foreign investors as they include China’s Suning Group at Inter Milan and Canadian Joey Saputo at Bologna also.
Atalanta Bergamasca Calcio investor group would buy 55% of La Dea, the holding company owned by Italy's Percassi family, which owns around 86% of the club currently and will give away their 31% share. The Percassi's, whose group owns cosmetics chain Kiko Milano and manages Starbucks stores in Italy, will keep a stake of 45% in La Dea and remain the biggest single shareholder in an equal partnership deal. Under the deal, Atalanta is valued at around 500 million euros including their debt as Antonio and Luca Percassi will remain chairman and CEO of Atalanta. Pagliuca, who is also co-chairman of investment firm Bain Capital and the co-owner of the historical basketball franchise Boston Celtics, will also be the co-chairman of Atalanta BC.
Atalanta over the recent years has become the best of Italy's provincial clubs, but under Percassi ownership since 2010 it has punched above its weight and become a feature in the as one of the top teams in Italian football. The team has qualified for the Champions League in the past three seasons and has also achieved three consecutive third-place finishes in Serie A. The club estimation still stands at 52 million Euros of profit in 2020 despite the impact of Covid. The total club value according to the accountancy firm KPMG was 364 million euros. The Percassi family was advised by BofA Securities, Studio Gatti Pavesi Bianchi Ludovici and Deloitte to complete the takeover with Pagliuca. The investors were assisted by Legance and Kirkland & Ellis, Alvarez & Marsal and Pirola, Zei, Pennuto & Partners to complete the takeover.
Pagliuca said: “Atalanta and the Boston Celtics share the same sporting values: team spirit and a unique bond with their fans and communities. We believe that the Percassi family has built very solid foundations on which to work together for a global strengthening of the brand, with the aim of encouraging further diversification and revenue growth, allowing the club to become increasingly competitive on an Italian and international scale.”
“My family and I have taken this opportunity to partner with a group who shares our vision to continue the growth and success of our team, choosing to remain committed to the club that over the last ten years has delivered exceptional results, that perhaps no one would have expected from a so-called ‘provinciale. Atalanta, in whose ranks I played in the ’60s, is and will remain in my heart as it is in the heart of thousands of fans who support it. Great challenges await us and my conviction is that the partnership with such high-profile investors will speed up our path of growth.” said Antonio Percassi.
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