In September, Sampdoria and Genoa jointly announced the creation of a new company, Genova Stadium Srl, to manage Stadio Ferraris, with the goal of preparing a purchase offer and modernizing the stadium. However, it now turns out that only one club has expressed interest in acquiring the venue.

The company was established, but the ideas for the offer were slightly different

On October 11, Il Secolo XIX reported that Genoa and Sampdoria would present their first offer to purchase Stadio Ferraris that day. Both clubs had already invested €20,000 to establish the company and more than €160,000 each to continue the planning phase. When the stadium was first put up for sale, its value was €18 million, but after two failed auctions, that amount decreased.

An offer of around €14 million was expected, with additional millions needed for the renovation of the venue. At stake is not just a better stadium for Genoa and Sampdoria, but also the city’s bid for hosting the 2032 UEFA European Championship.

The deadline for submitting the purchase offer was October 14. While an offer was submitted to the city authorities a day later, it was only by Genoa. According to Il Secolo XIX, despite the formation of Genova Stadium Srl, negotiations between the two clubs regarding submitting the offer to the municipality never led to a full agreement, so Genoa broke the deadlock and formalized its proposal. The core of the problem lies in the guarantees ensuring the sustainability of the operation.

© Metteo Imperiale

There are no doubts regarding the joint project, payments, or the management dynamics of the company, to which Sampdoria joined on September 23 by increasing capital by €10,000. However, the turning point occurred during a meeting of the board of Genova Stadium Srl, consisting of four members. It was decided to quickly send the purchase proposal to the city, covering the cost of the stadium and renovation costs, which could amount to around €100 million.

Sampdoria sent an email to Genoa, raising concerns about the financial guarantees that each club needs to provide concerning their share of funding, which for now, only relates to the first payment installment. Genoa considered this request unnecessary and responded by sending a document containing a signed purchase proposal, which was intended to be sent to Mayor Bucci and the city authorities.

However, the process stalled because Sampdoria did not sign the agreement, waiting for further clarification from Genoa regarding the guarantees. Additionally, the document lacked the signatures of the president and CEO of Genova Stadium Srl.

Genoa doesn’t close the door: will an agreement be reached?

Communication between the two clubs continued, with Genoa insisting that Sampdoria sign the contract, but that did not happen, and a unilateral offer was submitted. Our move is not meant to be antagonistic towards anyone, said Genoa representatives. We had to meet the deadline, and we did. We are fully open to continuing dialogue with Sampdoria.

On October 16, it was announced that the president and CEO of Genova Stadium Srl, Francesco De Gennaro and Andrea Cardinaletti, resigned from their positions in the company after Genoa submitted a spontaneous proposal to purchase the stadium.

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The city officially confirms the receipt of a second offer

The city administration confirms that in recent weeks it has received two separate offers to purchase the Luigi Ferraris stadium: the first on October 4, presented by CDS Holding, and the second on October 15, formalized by Genoa CFC. Both proposals are inclusive in nature and foresee the possibility of the two football clubs that already use the stadium participating in the new company that would be created to carry out the operation. [...] reads the official press release.

What vision do CDS Holding representatives have for the stadium?

It’s true, says Massimo Moretti, CEO of CDS Holding, as quoted by genova24.it, the city deserves a modern stadium, a next-generation facility that can be used not only as a football space but as an accessible, profitable venue for clubs, without architectural barriers, energy efficient, meeting FIGC (Italian Football Federation) parameters, and Euro 2032 standards, while also allowing for large international concert tours with the capability for trucks to access the venue.

Moretti also explains that the offer presented to the municipality of Genoa is currently non-binding and proposes a purchase price of €14.5 million. If the project continues, the final agreement is expected to be signed by the end of the year, aiming to quickly proceed with the public tender process in the most transparent way possible. The entrepreneur’s goal is to complete the stadium modernization by Christmas 2028, carrying out the work so that both clubs can remain at the venue during the renovations.

The architectural project for the stadium, according to CDS's vision, is being handled by the Boeri studio, which has already designed the Ponte Park and the Morandi Memorial. The renderings highlight a large glass facade. The new Stadio Ferraris would be integrated with functions that are currently completely or almost absent. Both to make it useful and to guarantee the economic stability of the operation, says Moretti, there would be commercial spaces, dining areas with views of the field, as well as conference rooms, something often seen abroad.

© Genova città digitale

Moretti leaves the door open for collaboration with Sampdoria and Genoa

CDS's idea involves including Genoa and Sampdoria in the company that would likely fund the stadium renovation. With a small stake, starting at 10%, says Moretti, this would allow them to modernize and have a say in the services they want to offer their clients, the organization of the venue, and security. The entrepreneur does not rule out that in the future the teams may also have the opportunity to purchase the stadium and, for this reason, he wants to ensure them a right of first refusal.