Pallacanestro Trieste has announced the signing of the binding agreement for the transfer of 90 percent of the company shares to the American group CSG (Cotogna Sports Group) by January 2023;
the remaining 10 percent will be held by local shareholders.
CSG, founded in 2022, thus formally enters the international sports market;
is made up of a group of American investors with experience and expertise in the sports world and a special focus on the NBA context, sports marketing and the American and European financial markets.
The agreement follows the due diligence carried out in the last six months by two law firms representing the parties, to establish the sporting value, balance sheet data and weight in European basketball of Pallacanestro Trieste.
Upon acquisition, a new board will be appointed in January,
on the occasion of the visit to Trieste of the CSG leadership team.
The group will intervene with its own capital and with funds from direct investors, without using any financial leverage.
CSG has origins in the prestigious Wharton Business School.
"In the last year we have analyzed the European basketball market - said Richard de Meo, Founding Partner of CSG - Trieste has the characteristics to launch our project" which provides for a "gradual growth of Basketball Trieste, aiming for participation in the European Cups , focusing on the innovation of organizational, marketing and communication processes, bringing know-how to the technical-sports sector, leveraging our international relations, in particular with the NBA context".
"The entry of CSG makes Pallacanestro Trieste a company that looks to the future in a completely different and absolutely unique perspective on the Italian market", commented the president of Pallacanestro Trieste, Mario Ghiacci.