Dan Șucu becomes majority owner of Genoa

Romanian businessman Dan Șucu is the new majority owner of Genoa, the club have announced.

The 61-year-old has agreed a deal to buy 77% of the club for a €40 million capital increase.

The current management structure are expected to stay in place with sources suggesting 777 Partners could exit the club completely at the end of the season.

Șucu, who also owns 90% of Rapid Bucharest, became successful after founding Mobexpert, Romania's largest furniture brand, and is also involved in real estate and media.

He beat off competition from multiple US investors -- whose interest was reported by ESPN on Nov. 19 -- to secure Italy's oldest club, which finished in 11th place last season despite 777 Partners losing control to their biggest creditor, U.S. insurance specialists A-CAP.