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Commisso completes Fiorentina takeover

Fiorentina has confirmed Rocco Commisso as its new chairman after the US billionaire completed his purchase of the Italian Serie A football club today (Thursday).

Commisso is the president and chairman of Mediacom and also owns New York Cosmos, which plays in the National Premier Soccer League.

Fiorentina confirmed after a board of directors meeting held on Sunday that a process was underway aimed at the sale of the club from current owners the Della Valle family and a deal with Commisso has been finalised in quick time.

Speaking to the New York Times newspaper, Commisso said the deal was completed within three weeks of his signing a letter of intent to buy the team, which finished the 2018-19 season in 16th place.

“There’s going to be a tremendous amount of effort, work, passion and money all going to be put in to make sure we have a better season than we had last year,” he told the Times.

Former owners Diego and Andrea Della Valle said in a joint statement: “Of the several offers we received, we chose not the one that was most advantageous to us from an economic perspective, but the offer that we believe does most to guarantee a solid and exciting future for the club, considering the knowledge and skills Rocco Commisso already has in the world of football.

“We wish Rocco and those that will follow him on this adventure the best of luck and give our thanks to all the people that have worked with us and done their best for Fiorentina over the last 17 years.”

Commisso last year made an offer to acquire a controlling stake in rival Serie A club AC Milan but he was unable to strike a deal. He made the offer for Milan after withdrawing a proposed $500m (€443m) investment in US Soccer due to “conflicted board members”.

Fiorentina is outside of Deloitte’s Top 30 richest outfits and trails other Serie A teams in the revenue stakes, although the club did post a profit of €35.5m for last season, with record revenues in part due to player sales.

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