Sampdoria takeover finalised

Whisper it quietly, but it looks like the ownership saga at Sampdoria might just be coming to an end, as the shareholders have approved an agreement for the takeover of the club by Leeds United owner Andrea Radrizzani and his partner Matteo Manfredi through Gestio Capital and Aser Holding. It is also expected that QSI, the owners of Paris Saint-Germain, will take a minority stake.

The club had previously been involved in negotiations with Alessandro Barnaba and American investment firm Merlyn Partners, the owners of Lille, but their interest ultimately did not come to anything.

However, it looks like the agreement came too late to make the payment of three month’s wages (around €13.5m) before the 30th May deadline, which was needed to avoid a four points penalty next season.

After a terrible season, Sampdoria were already relegated to Serie B, but the fans had been concerned that their club might be declared bankrupt, which would have resulted in further demotion to the bottom of the Italian football pyramid.

The club has been in turmoil ever since previous owner Massimo Ferrero was arrested in December 2021 for issues relating to his business affairs elsewhere, i.e. not involving Sampdoria, which meant that he stepped down as president, necessitating the appointment of a new board under the chairmanship of Lanna, a former player.

Film producer Ferrero had purchased Sampdoria from the Garrone family in June 2014 for around €15m including the club’s debt. He has angered fans by his refusal to sell to new owners that would be more likely to provide the investment needed to relaunch the Blucerchiati.

Sampdoria have now suffered losses three years in a row, adding up to €60m, though this would have been €135m without the benefit of the suspended player amortisation and depreciation. Of course, this accounting adjustment will deflate future profits, proving once again that there is no such thing as a free lunch.

The club had actually been profitable in the preceding three years, though last season was the worst financial result since 2012/13 – even after the benefit of the fancy financial footwork.

Profit from player sales has dried up in the last two years with just €15m made in this period, which has had an obvious impact on Sampdoria’s bottom line. This is significantly lower than the preceding four years, when they generated an impressive €176m, averaging €44m a season. This factor alone goes a long way to explaining why Sampdoria found themselves in financial strife, as they seemingly lost the ability to make money from player sales, exacerbated by the onset of COVID.

It’s when we look at Sampdoria’s debt that we begin to get a better understanding of their problems. Their gross financial debt increased by €29m from €67m to €96m last season, which means that this has nearly quadrupled in just three years from only €26m in 2019. This comprises €72m owed to banks and €24m owed to other financial institutions, with the latter debt being secured on TV money €17m and transfer proceeds €7m.

Sampdoria’s debt is entirely owed to external lenders, whereas other clubs have benefited from owner loans, most notably Sassuolo. Furthermore, Sampdoria’s debt is very high compared to their revenue. If we include profit from player sales, then Sampdoria’s debt was 1.4x as much as revenue, which was the third highest in Italy, only surpassed by Roma and Genoa.

Radrizzani did not mention what the implications are for Leeds United, where he currently owns 56%, but the feeling is that his acquisition of Sampdoria will hasten his departure, leaving the way clear for a full takeover by 49ers Enterprises, who hold the remaining 44% of the club.