Trieste sheds light on new ownership: official announcement arrives
Trieste announced the agreement to sell 90 percent of the company’s shares to the U.S.-based CSG Group
Trieste announced the signing of a binding agreement for the sale of 90 percent of the company’s shares to the American CSG Group (Cotogna Sports Group). “The agreement follows the due diligence carried out over the past six months by two law firms representing the parties, with an in-depth economic-financial and marketing analysis, which made clear the sporting value, balance sheet balance and potential in the European basketball market of Pallacanestro Trieste,” the company wrote in a note.
“CSG will acquire 90 percent of the company shares by January, the remaining 10 percent will be held by local shareholders. The acquisition will be followed by all technical operations resulting from the new structure, including the appointment of a new Board of Directors, which will also be materialized by January when CSG’s leadership team visits Trieste. CSG will intervene directly with its own capital and with funds from direct investors, without using any financial leverage.”
“CSG is a company founded in 2022 that with this transaction formally enters the international sports market. The company is composed of a group of American investors with specific experience and expertise in the sports world and a special focus in the NBA context, sports marketing, and the American and European financial markets. The group owes its origins to the prestigious Wharton Business School, in the context of which common interests and investment project have matured.”
“Over the past year we have been analyzing the European basketball market,” said Richard de Meo, Founding Partner of CSG, “with the goal of finding a company with the right characteristics to start our project. Trieste has these characteristics such as city, infrastructure, sports team, geographical location, history. Our goal is the gradual growth of Pallacanestro Trieste, aiming at participation in the European Cups, focusing on innovation in organizational, marketing and communication processes, bringing know-how in the technical-sports sector, leveraging our international relations, especially with the NBA context. The acquisition of the majority of shares in Pallacanestro Trieste,” de Meo concluded, “takes place with the utmost respect for management and the excellent work done so far, taking into account the low budget available. We aim to work in partnership, with the utmost respect for the team, the public and the city, inserting resources and skills to increase the overall value of the project, accelerating its growth in an international dimension.”
“To the history of Pallacanestro Trieste,” said the president of Pallacanestro Trieste, Mario Ghiacci, “an important piece is added today, in which I have believed deeply and for which I have worked with great commitment together with my team in these last six months. The entry of CSG makes Pallacanestro Trieste a company that looks to the future in a completely different perspective and absolutely unique in the Italian market. The acquisition takes place in respect of what has been done so far, with the recognition of the commitment that the current partners and all the staff have put in these last, challenging years: this can only make me proud of the work done. Each of us is called to continue to give our best, on the field and in the organizational aspects, because CSG has a great project to engage our audience and build something that we have not yet seen in Italy.”
