A consortium of Australian businessmen is "inching closer" to purchasing former Serie A club Reggina Calcio after its president confirmed a sale of the club "could be sealed before the start of next season," according to Dominic Bossi of the SYDNEY MORNING HERALD. There has been a "significant development since after the
group received important financial documents from the club as part of
the potential takeover." A deal still remains "some way off as the
Australian group will not decide whether to go ahead with the investment"
until inspecting Reggina and club facilities firsthand in the coming
months. The Australian consortium "may be prepared
to purchase a controlling stake" for the sum of A$13.7M ($11M) to be paid
over the course of three years. Reggina President Lillo Foti said that the "likely governance structure of the club under
potential Australian ownership will see the introduction of a board with
a heavy representation from the consortium" with the existent president
and chairman "potentially retaining their positions." The consortium views the investment as an opportunity to "propel Reggina back into the Serie A" for the first time since '09. Foti: "The goal is to set up a group able to obtain the minimum goal of the
Serie B and looking ahead. On the role of the president
that will go in the new corporate structure" (SMH, 4/29).
